Beijing, China – For 33-year-old Li Bingwen, this year’s Singles’ Day promises to be a subdued affair. Singles’ Day, the world’s biggest shopping event, takes place under a cloud of uncertainty this year as recent COVID-19 outbreaks, power shortages and a burgeoning property market crisis threaten to dampen consumer spending. Real estate crisis In September, the state-run Global Times tabloid …
The story so far: Chinese real estate conglomerate Evergrande Group has been in the news recently over its inability to pay interest on its huge debt obligations. The most immediate trigger of the current crisis, analysts believe, is the Chinese government’s new rules for property developers. Some see the Chinese government’s new rules as a bid to puncture the country’s …
