made an overdue interest payment to international bondholders, the state-owned Securities Times reported Friday, an unexpected move that allows the property company to stave off a default.
Evergrande was nearing the end of a 30-day grace period before bondholders could send a notice of default to the company after itA default on those bonds would likely have spiraled into the biggest corporate default in Asia, by enabling creditors to declare defaults on some of Evergrande’s other debts. The company is one of China’s biggest developers, and its most indebted.
Evergrande has been trying to raise funds by disposing of assets such as stakes in subsidiaries and a Hong Kong office building that it owns. Last month, it agreed toto a state-owned enterprise for the equivalent of $1.55 billion. The company had also planned to sell a majority holding in its property-management unit for the equivalent of about $2.
IF COVID-19 COULD ONLY HAVE KYLLED ALEC BALDWIN!
good
The reasons why Chinese eat bats and everything..
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China Evergrande says $2.6 bln stake sale of property services unit falls throughChina Evergrande Group said on Wednesday a deal to sell a 50.1% stake in its property services unit has fallen through, delivering a blow to embattled developer's hopes of avoiding a potentially disruptive default.
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China Evergrande Calls Off Plans to Sell Key Unit for $2.6 BillionChina Evergrande Group called off plans to sell a majority stake in its property-management unit for the equivalent of $2.6 billion, a major setback in the real-estate giant’s attempts to ease its liquidity crunch The reasons why Chinese eat bats and everything.. Do I have to do anything? Um I would. Its funner that way even though it might sound or look funny, lol 2.6?
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China Evergrande sends funds to trustee for bond coupon due Sept 23 -sourceChina Evergrande Group wired funds to a trustee account on Thursday for a bond interest payment due Sept. 23, a source told Reuters on Friday, days before a deadline that would have plunged the embattled developer into formal default.
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China Evergrande shares briefly plunge more than 10%, after $2.6 billion asset sale falls throughChina Evergrande shares briefly fell more than 10% Thursday after a deal fell through to sell part of its services unit to Hopson Development Holdings. I can’t even believe they are still listed tbh Is Evergrande too big to fail?
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China Evergrande calls off deal to sell stake in property unit fallst was terminated by Evergrande, which said in a regulatory filing that it “had reason to believe…that the purchaser had not met the prerequisite to make a... Calls off deal? Nobody wants to buy any part of that train wreck especially on such uncertain financial times.
Source: MarketWatch - 🏆 3. / 97 Read more »
China tells mines to produce 'as much coal as possible'The Chinese government has ordered the country's coal mines to 'produce as much coal as possible' as it tries to increase production as winter approaches, and ease an ongoing energy crunch. Xi Jinping must be getting carpel tunnel syndrome playing The Sims so much. Good. They are bent on destroying humanity.
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