2023-08-27 10:31:09
The treacherous thing about crises is that they usually come from a corner where you least expect them. That was the case in 2008 when the financial crisis broke out, when the strange word “subprime” suddenly found its way into the vocabulary of a broader public in 2007. Up until then, subprime might have been known to real estate experts, but even among Sparkasse employees it probably belonged in the realm of unheard-of foreign words. At its core, it was about second-rate mortgage loans, which ended up falling over and over in rows.
Inken Schoenauer
Editor in business, responsible for the financial market.
Now the focus is on China – a country that has to cope with a serious real estate crisis. With the struggling fund Zhongrong Trust, the crisis has long since spilled over into the financial sector. And so the anxious question arises: Could this crisis spread from distant China to the rest of the world and thus also to Germany?
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