Name: China Banking System in ‘Freefall’: Hedge Fund Founder
Uploaded: 2023-12-14T06:24:23.000Z
Description: A veteran investor says China's banking sector is in free fall and the downward spiral could wipe out $4 trillion or more from the Chinese economy.

Tiffany Meier is an anchor, China news investigative reporter, and producer for NTD News based at the network's global headquarters in New York City. Tiffany anchors NTD's flagship shows "NTD Evening News" and "China in Focus" and co-moderates NTD's special election coverage "The Nation Decides." She produced the award-winning NTD Original documentary "Hollywood Takeover: China's Control in the Film Industry."


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A veteran investor says China's banking sector is in free fall and the downward spiral could wipe out $4 trillion or more from the Chinese economy.

Kyle Bass is the Chief information officer at the Hayman Capital hedge fund.

He says China's once booming real estate sector is collapsing. Major developers like Evergrande and Country Garden are buried under debt. While a former Beijing official said China now has enough empty homes to house three billion people.

Mr. Bass also touched on the country's local property market. It's financially backed by local governments under China's communist regime. That $13 trillion market is also grappling with heavy debt and defaults. Mr. Bass says "We don't even know where the bottom of that market is."

For comparison, U.S. banks lost about $700 billion during the Great Financial Crisis in 2008.

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