, where Evergrande is based, stepped in last week to help manage the fallout, reinforcing the view that its failure would be managed.
That came after it said creditors had demanded $260 million and it could not guarantee funds to repay debt, prompting the authorities to summon its chairman and reassure markets that broader risk could be contained. China’s property market has for years been an engine of growth for the world’s second biggest economy. Investors, policymakers, and central bankers are now trying to calculate the global knock-on effects if the major developer defaults.So far, any Evergrande fallout has been broadly contained in China and with policymakers becoming more vocal and markets more familiar with the issue, consequences of its troubles are less likely to be widely felt, market watchers have said.
Notes due on November 6, 2022 – one of two tranches with a coupon payment deadline that passed on Monday midnight in New York – traded at 18.282 cents on the dollar, Duration Finance data showed, little changed from a day earlier.
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