HONG KONG: Persistent default fears eclipsed efforts by China Evergrande Group's chairman to lift confidence in the embattled firm on Tuesday , as Beijing showed no signs it would intervene to stem any domino effects across the global economy.
"I firmly believe that with your concerted effort and hard work, Evergrande will walk out of its darkest moment, resume full-scale constructions as soon as possible," said Hui, without elaborating how the company could achieve these objectives.Its shares fell as much as 7 per cent, having tumbled 10 per cent in the previous day, on fears its US$305 billion in debt could trigger widespread losses in China's financial system in the event of a collapse. The stock ended down 0.
"If one piece of Evergrande's debt is allowed to default, it would trigger questions about all of their remaining debt from investors and the government doesn't want a wider crisis like that," he said.World stocks stabilised somewhat on Tuesday and oil prices recovered from the previous day's heavy selling, as investors grew more confident that contagion from the distress of Evergrande would be limited.
A major test for Evergrande comes this week, with the firm due to pay US$83.5 million in interest relating to its March 2022 bond on Thursday. It has another US$47.5 million payment due on Sep 29 for March 2024 notes.
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