of his shares, moves that some creditors hoped were an indication that Evergrande was preparing to make its payment due Monday.
Evergrande has been working with local officials to restart construction stalled at many of its projects.A descent into default would make Evergrande the largest and highest-profile casualty of a government campaign to rein in China’s property sector after years of rapid, debt-fueled growth, which has already led several smaller developers to renege on their international obligations.
Beijing has also taken broader steps to offset the impact of Evergrande’s demise and the wider turmoil in the property sector. On Monday, China’s central bank said it would reduce the amount of money banks are required to set aside as reserves, freeing up funds for lending. Evergrande is now likely to engage with creditors to thrash out a restructuring plan. Investors will probably receive far less than face value for the debt they hold, recent market prices suggest. Some bondholders are working with the investment bankThe reorganization could be complex, given Evergrande’s size and international footprint.
Evergrande no pagó 82,5 millones de dólares en pagos de intereses sobre algunos bonos en dólares que vencieron ayer, 6 de noviembre. Podría estar en camino a un incumplimiento masivo y a una de las reestructuraciones de deuda más grandes de la historia del China.
Downward spiral has already begun for the CCP.
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