Bact, Cdm, Cmpny, Corpd, Dbt, Dbtr, Fın, Fıns, Fıns08, Rea, Real, Reale, Regs, Reop, Resrea, Easıa, Hk, Asxpac, Emrg, Cn, Asıa, Bısv, Bısv08, Invbıs, Invm, Invs08, News1, Topcmb, Topnws

Bact, Cdm

China Evergrande is not 'too big to fail', says Global Times editor

China Evergrande is not 'too big to fail', says Global Times editor

9/17/2021 12:35:00 PM

China Evergrande is not 'too big to fail', says Global Times editor

The editor-in-chief of state-backed Chinese newspaper Global Times warned debt-ridden property giant Evergrande Group (3333.HK) that it should not bet on a government bailout on the assumption that it is 'too big to fail'.

2 minute readThe China Evergrande Centre building sign is seen in Hong Kong, China. August 25, 2021. REUTERS/Tyrone Siu/File PhotoHONG KONG, Sept 17 (Reuters) - The editor-in-chief of state-backed Chinese newspaper Global Times warned debt-ridden property giant Evergrande Group

Man Wakes Up From Bender With Financial Problems Solved DC FanDome Kicks Off ‘Aquaman 2,’ Dwayne Johnson’s ‘Black Adam’ Vehicle of family that went missing 20 years ago discovered in Ohio River

(3333.HK)that it should not bet on a government bailout on the assumption that it is "too big to fail".It was the first commentary to appear in state-backed media casting doubt on a government bailout for the country's No.2 property developer, whose shares fell on Friday for the fifth consecutive day amid concerns it is heading for default.

Evergrande is scrambling to raise funds to pay its many lenders and suppliers and investors, with regulators warning its $305 billion of liabilities could spark broader risks to the country's financial system if not moreGlobal Times' editor-in-chief Hu Xijin said on his WeChat social media account on Thursday that Evergrande should turn to the market for salvation, not the government.

He said Evergrande's potential bankruptcy was unlikely to trigger a systemic financial storm like the collapse of Lehman Brothers, because it was a real estate business not a bank and downpayment ratios on property in China were very high.Global Times is a nationalistic tabloid published by the Communist Party's People's Daily. Its views do not necessarily reflect the official thinking of policymakers.

Policymakers are telling Evergrande's major lenders to extend interest payments or rollover loans, and market watchers increasingly think a direct bailout from the government is unlikely.A group of Evergrande's offshore bondholders has selected investment bank Moelis & Co and law firm Kirkland & Ellis as advisers on a potential restructuring of a tranche of bonds, focusing on around $20 billion in outstanding dollar bonds in the event of non-payment, sources told Reuters.

read moreEvergrande is due to pay $83.5 million interest on Sept. 23 for its March 2022 bond . It has another $47.5 million interest payment due on Sept. 29 for the March 2024 notes . The bonds would default if Evergrande fails to pay the interest within 30 days.

The debacle of Evergrande - which has more than 1,300 real estate projects in over 280 cities - is dampening the yuan and confidence in Chinese assets more broadly.Evergrande shares fell another 13% to HK$2.28 on Friday, the lowest level since Oct 2011. Its offshore Oct 2023 bond fell 10% to 16.125 cents

DC FanDome: See All the Trailers and News From ‘Flash,’ ‘Black Adam’ and More Bitcoin-mining power plant raises ire of environmentalists Michael Caine Says He’s Not Retiring After ‘Best Sellers’ Role

China Minsheng Banking Corp , one of Evergrande's major lenders, dropped 4.6% to a record low of HK$2.80.Reporting by Clare Jim; Editing by Stephen CoatesOur Standards:More from ReutersSign up for our newsletterSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

Read more: Reuters Top News »

Buttigieg: Biden's work on supply chain bottleneck 'will make a difference' to improve delays

Transportation Secretary Pete Buttigieg speaks with Nicolle Wallace about the joys of becoming a new father, the Biden Administration’s push for federally mandated paid family leave, and how both he and the President are working tirelessly to mitigate recent supply chain delays in ports across the country

China's Evergrande should not bet on govt bailout - Global Times editorChinese state-media Global Times' editor in chief said struggling Evergrande Group (3333.HK) should use market means to save itself and should not bet on a government bailout as it deems itself 'too big to fail'.

Michael Caine Starrer ‘Best Sellers’ to Open Hybrid 2021 Raindance Film Festival- Global BulletinFESTIVAL Raindance Film Festival, Britain’s largest independent film festival, will return to cinemas this year, reimagined and restructured with a host of new partners and new films. Running Oct. … 🤩 🤩 can’t wait to watch this!!!

Anti-laundering unit goes off-grid, fraying Afghan ties to global financeA unit in Afghanistan's central bank leading a 15-year effort to counter illicit funding flows has halted operations, four staff members said, threatening to hasten the country's slide out of the global financial system.

U.S., EU pursuing global deal to slash planet-warming methane, documents showTheir pact comes as Washington and Brussels seek to galvanize other major economies ahead of a world summit to address climate change in Scotland. 그리스도 예수님께서 그분의 보혈을 흘리시고 궁극적인 대가를 치르셔서 모든 인간 인종 태어나지 않은 자들까지도 구속하셨습니다 EnduringInChrist

Lauren Jauregui Announces Debut Solo Project 'Prelude' & Global Livestream: Exclusive InterviewLauren Jauregui is ready to show the world her debut solo project Prelude and told Billboard in a new interview Wednesday (Sept. 15) about its special rollout. LaurenJauregui LAUREN JAUREGUI IS COMING LaurenJauregui LAUREN JAUREGUI IS COMING LaurenJauregui Finalmente a senhora vem ne gata

Asian shares stabilise but global growth fears nagAsian shares steadied in early trading on Friday after losses earlier in the week, but China jitters and global growth concerns weighed on investors' minds, while the dollar sat near a three-week high. China has started actively pouring money into the system amid the deteriorating situation with Evergrande