Troubles in China's vast real estate sector could spill over to the global economy -- including the United States, according to the Federal Reserve.
The US central bank warned Monday that China's ongoing property woes could elevate"financial stresses in China, [which] could further strain global financial markets and negatively affect the United States." In its biannual report on financial stability, the Fed pointed specifically to the crisis at Evergrande, China's most indebted developer. The company has sparked fears of contagion since September, upon warning that it could default on its debts of more than $300 billion.
Those worries have receded in recent weeks as Evergrande managed to find enough money to meet international debt repayments, including raising about $144 million over the last few days from selling a small stake in media company HengTen Networks Group. But it faces much bigger bills in the coming months. The conglomerate's ongoing fiasco is seen as a big test for Beijing.
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