CHINA -$78 Billion Evergrande Fraud Rocks China & Risk of Property & Finance Sectors Collapsing

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Evergrande has been accused of committing a $78 BILLION FRAUD by the Chinese Regulators and fined $581 Million. It is accused of overstating Revenue by 79% in 2020 and 50% in 2019 and there are now concerns that other property development companies in China have committed similar offences. The Property Sector accounts for around 25% of the Chinese Economy and the rapid growth over the past 20 years was driven by Property Developers borrowing huge amounts of debt. EVERGRANDE has over $300 BILLION of debt and has now been forced into LIQUIDATION by a Hong Kong Court. In this video I provide more details of the allegations made against Evergrande, discuss the implications for the Evergrande liquidation process, the Chinese Property sector and look at the potential impact on both the Chinese Economy and the Global Economy.

For specific details please check out the CHAPTER list below.

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Chapters:
0:00 Intro
4:15 EVERGRANDE FRAUD
7:28 FRAUD IMPLICATIONS
12:18 EVERGRANDE FOUNDER
13:35 LARGEST FRAUDS
17:26 PROPERTY MARKET
21:41 SUMMARY & CONCLUSION

#china
#evergrande
#frauds
#zhongzhi
#globalrecession
#inflation
#technology
#wheat
#interestrates
#india
#Belt&Road
#globalrecession
#globalfinancialcrisis
#russia
#Evergrande
#China
#Recession
#Zhenro
#Bonds

[mazimadu]

At this point, none of this surprises half the planet. Anyone who says they are genuinely shocked is lying

[ianmacdonald]

It's important to note that China does not comply with GAAP. They have their own 'China GAAP" method with stark differences in how they account for assets. So, PW may be off the hook if they were complying to "China GAAP". GAAP is where it is through many decades of closing loopholes and ensuring investors have the best info available. China doesn't want those loopholes closed at this time so these issues are being taken advantage of.

[yxzlkhh]

The integrity of international certified public accounting firms is inversely proportional to the size of the client fees paid.

[aaronmicalowe]

Joe - you're the cheeriest bringer of woe that we know,
Let it continue to be so.

[ross.venner]

PWC is in deep trouble in Australia as well.

As a former employee of Coopers, the "C" in PWC, I am profoundly disappointed in the leadership of my profession.

[alanpartington]

The one thing I cannot understand about Evergrande is how it could borrow money against the property development arm and then spend (waste?) that money on all sorts of other things, such as theme parks, cars (another world record loss) . Don't the lenders to Evergrande ask what the company is going to spend the money on? I wouldn't lend money to a company with no track record in the new industry they propose to go into, but who did?

[OzMat]

PWC is dirt in Australia. PWC operations all over the world should be looked into but who audits the Auditer?

[myg]

never forget: if you think things can't get worse - it will become worse!

[jpx]

The special case where "The CCP sees all, knows all, so Western auditing does not assumes the CCP is not corrupt.

[billweaver]

I am constantly astonished at your ability to produce content, some, like this one, quite long, every day, and presented fluently, presumably without a teleprompter! Well done.

[Rtg]

Their Road and Belt initiative is bankrupt too to the tune of one trillion dollars

[SeeLasSee]

Falsely inflating data is the Chinese MO. This is why we have exaggerated population numbers and GDP. Expectations are dictates.

[stevelongden]

By my calculations Joe is making more money from YouTube videos about Evergrande than the entire Chinese property sector is making from building Condos 🎉

[XerrolAvengerII]

Evergrand: *hold my yuan*
Everyone: *No thanks, I'm good*

[amcluesent]

Not just the property sector, Chinese EV companies are another house of cards.

[jsphfalcon]

China is legit number one in something.

[auldfouter]

It's almost as if those stellar Chinese growth figures , maybe never happened.

[lilymitchell]

30 days have past. We've overcome a lot of ups and downs, joy and tears, THE GREAT RECOVERYs, amazing game plans, slapping scammers, a total of $14 million recovered, and here we are - the end of the journey. It was fun while it lasted, but every series has an ending. Hope Grind Techiei reach 10 mil subs soon for your hard work!

[uiop]

I just watched a vid about Chinese losing 40% of their property value overnight recently. They were screaming.
To be fair though, they scream like that at the breakfast buffet too.

[fotimatukhtaeva]

PWC is liable. The evergrande investors should sue.