NEW YORK/BOSTON/HONG KONG: Anxiety over the prospect of China Evergrande Group defaulting on its mountain of debt gripped investors on Tuesday ahead of two repayment deadlines, with much still unknown about the potential risks to banks in China and global markets.
Global markets were rattled on Monday as investors worried about the potential impact a default could have on the wider economy, dumping Chinese property stocks and seeking refuge in safe-haven assets.Evergrande's shares tumbled another 10 per cent on Monday after Chinese regulators warned that its US$305 billion in liabilities could lead to widespread losses in China's financial system if its debts were not stabilised.
Those analysts said there was"mounting investor concern about potential risk spillover" from Evergrande's debt crunch, considering the potential liquidity drain for private developers due to increased difficulty in obtaining bank credit, and the contagion effect in the banking sector as they expect around 40.7 per cent of China banks’ assets are related to the property sector.
Regulators have warned that its US$305 billion of liabilities could spark broader risks to China's financial system if its debts are not stabilised.
its going to be a red Mid-Autumn Festival : (
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