This is the scholar report, scholar

dot com has business on all the major continents and we begin in the continent of

Asia. Chris for some time we've been watching the Chinese struggle with an economy that clearly is no longer generating

growth.

There's unemployment among the youth, there's complaining in all areas about manufacturing,

whether there's adequate workforce, whether there's adequate financing,

whether there's investment from overseas.

But now we come to Evergrand, that's real estate, when it began to fail in 2021, the summer of 2021, it used the number

300 billion and that ever since then there were efforts to in some fashion pay down its debt load.

All the finished and unfinished buildings built by Ever Grant across the country.

Now a Hong Kong judge has declared famously enough is enough and

Evergrand is said to be in liquidation in Hong Kong. My contribution here is that I've been talking to Anne-Stevens and Yang,

who has a new book, Wild Ride, in which she observed the Chinese miracle from 1983 until her last

visit in 2019.

And she lived there for many of those years.

Anne points to the fact that Evergrand is not just the tip of the iceberg.

She compares it to how the top of an iceberg falls off when it begins to melt.

The rest of the iceberg will go gradually. Evergrand was the top of the iceberg. It fell off. Now it's in liquidation. But it means that all of the loans that were made, all of the purchases that were made, all of the people who invested in Evergrand apartments either to live in or for

savings because they were not able to get their money out of the country are now at risk.

So I ask the general question, does Evergrand describe the failure of the Chinese

miracle? Are we looking at what will most evidently prove that the Chinese miracle was a false witness and that we've been living with essentially a real estate bubble for for 20 or 30 years.

Good evening to you.

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