HONG KONG/NEW YORK: China's embattled property developer Evergrande faced a Thursday deadline to pay interest on one of its dollar bonds, in a crucial moment for global investors worried that its malaise could spread beyond the country's property sector.
Evergrande, China’s biggest property developer, ran into trouble over the past few months as Beijing tightened regulations in its property sector to rein back too much debt and speculation.With US$305 billion in liabilities, Evergrande has found itself struggling to meet its debt obligations and investors worry that the rot could spread to creditors including banks in China and abroad. Some analysts say it could take weeks for investors to have any clarity about how the situation will resolve.
A group of Evergrande bondholders recently selected investment bank Moelis & Co and law firm Kirkland & Ellis as advisers on a potential restructuring of a tranche of bonds, two sources close to the matter previously said.
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