Founded in 1996 by Hui Ka Yan in Guangzhou, China. Second-largest property developer in China by sales. Headquartered in Shenzhen, China. Acquired Faraday Future for $2 billion in 2018
U.S. GDP growth slowed to 2.5% in 2023 from 5.8% in 2021. Total U.S. public debt reached $35.5 trillion as of September 2024. Global FX reserves in USD decreased from 71% to 58% since 2000
Economic crisis is an unexpected and rapid spread of economic disruption. Recessions last at least six months, while depressions are more severe. Currency crises occur when exchange rates fall due to hyperinflation. Banking crises start with sudden deposits withdrawals. Asset bubbles burst when prices exceed fundamentals
Global public debt reached $97 trillion in 2023, with $29 trillion in developing countries. Developing countries' debt grew twice as fast as developed economies since 2010. Asia and Oceania hold 27% of global public debt, followed by Latin America and Africa
Crisis began in 2008 with Iceland's banking system collapse. Spread to Portugal, Italy, Ireland, Greece, and Spain in 2009. Crisis peaked between 2010 and 2012
Financial crises involve sharp changes in asset and credit markets. Crises often precede asset and credit booms that turn into busts. Crisis triggers include large balance sheet problems and government support