Evergrande set for restructuring, with no word on first formal default
Evergrande is set to forge ahead into a restructuring that would include all of its offshore public bonds and private debt, according to analysts.
Sentiment has also been buoyed by China's move towards an emphasis on easing, analyts say.In this articleA housing complex by Chinese property developer Evergrande in Beijing.Noel Celis | AFP | Getty ImagesEvergrandeis set to forge ahead into a debt restructuring that would include all of its offshore public bonds and private debt, according to analysts.
The troubled real estate developer, swamped by $300 billion of liabilities, also said Tuesday that it's setting up a risk management committee, which will play a role in mitigating and eliminating future risks for the firm. The world's most indebted property developer has been struggling to raise funds to pay suppliers and investors.
Those developments lifted its shares from a record low, asit bounced back over on Tuesday although they later lost steam. Stocks of other Hong Kong-listed property firms also jumped.Sentiment has also been buoyed by China's move toward an emphasis on easing. On Monday, the country's central bank said it would cut the reserve requirement ratio, or the amount of cash that banks must hold as reserves, for the second time this year. That frees up 1.2 trillion yuan ($282 billion) to boost slowing growth amid the pandemic. headtopics.com
"It seems quite likely now that a restructuring of Evergrande's offshore public bonds and private debt obligations will be taking place soon,"Martin Hennecke, head of Asia investment advisory and communications at St. James's Place, told CNBC on Tuesday.Read more: CNBC »
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'Bounced back', uh 2% ain't no bounce back for someone who was down 20% the day before... But nice try. good luck
Amid Evergrande crisis, more Chinese developers to issue ABSSome of China's major property developers are planning to issue asset-backed securities in the near term, a further sign that regulators are marginally broadening financial channels for developers amid Evergrande's debt crisis.
Asian markets mixed after China Evergrande warns of cash woes\nShares were mixed in Asia on Monday after troubled Chinese property developer Evergrande warned late Friday it may run out of money. thanks Evergrande lots of buildings not enough buyers and tenants supply and demand imbalance incorrect forecast followed Trump business model (borrow now, bankrupt later) Oops - any other excuses? Cash woes ? Underestimate much !!
China Evergrande braces for debt deadline after doubting ability to payAfter lurching from deadline to deadline, China Evergrande Group is again on the brink of default, with its pessimistic comments condemning its stock to a record low just as direct state involvement raises hope of a managed debt restructuring.
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Asian shares mixed after China Evergrande warns of cash woesShares are mixed in Asia after troubled Chinese property developer Evergrande warned late Friday it may run out of money.
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