TOKYO - George Soros and Southeast Asia are at odds again. This time, though, it’s not about overvalued currencies. It’s about China.
The billionaire that developing nation governments love to hate is making headlines by aiming his megaphone at Xi Jinping’s competence. Soros argues Asia’s biggest economy faces a 1997-like crisis as a property boom goes bust spectacularly and Covid-19 fallout upends an “unsustainable” Chinese growth model.
The crux of Soros’s argument is that falling prices will "turn many of those who invested the bulk of their savings in real estate against Xi,” whose plan to secure an unprecedented third term as leader later this year “doesn't look promising."