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Fears grow for China Evergrande after interest deadline passes

China Evergrande inched closer to the potential default that investors fear as an interest deadline expired without any announcement from the property giant whose mountain of debt has spooked world markets

9/24/2021 8:17:00 AM

China Evergrande inched closer to the potential default that investors fear as an interest deadline expired without any announcement from the property giant whose mountain of debt has spooked world markets

China Evergrande inched closer on Friday to the potential default that investors fear as an interest deadline expired without any announcement from the property giant whose mountain of debt has spooked world markets.

Evergrande has promised to prioritise such investors and resolved one coupon payment on a domestic bond this week. But it has said nothing about the offshore interest payment that was due on Thursday or a $47.5 million payment due next week.Bondholders are starting to think it might be a month or so before things become clearer and markets have already assumed they will take a large haircut.

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read more"Current market pricing estimates that investors in Evergrande's dollar bonds are likely to recover very little," said Jennifer James, a portfolio manager and lead emerging markets analyst at Janus Henderson Investors."The likeliest outcome is that the company will engage with creditors to come up with a restructuring agreement," she said, warning that if such a deal is mismanaged "the loss of confidence could have contagion effects".

PLAY FOR TIMEGlobal markets have begun to recover after Evergrande's plight sparked a sharp selloff, trading on the basis that the crisis can be contained.Only some $20 billion of Evergrande's debts are owed offshore. Yet the risks at home are considerable because of the risks to China's property sector, an vast store of wealth.

"Housing sales and investments could inevitably slow further - this would knock nearly 1 percentage point off GDP growth," analysts at Societe Generale said in a note."The longer policymakers wait before acting, the higher the hard-landing risk."

So far there have been few signs of official intervention. The People's Bank of China's 270 billion yuan ($42 billion) cash injection this week is the largest weekly sum since January and has helped put a floor under stocks.Bloomberg Law also reported that regulators had asked Evergrande to avoid a near-term default, citing unnamed people familiar with the matter.

However the Wall Street Journal said, citing unnamed officials, that authorities had asked local governments to prepare for Evergrande's more"Given the deliberate pace of Chinese policy making, the authorities may well choose to play for time," said Wei-Liang Chang, a macro strategist at DBS Bank in Singapore.

He said they could extend liquidity assistance through the grace period on Evergrande's coupon payments, given it had no dollar bond maturities looming until March 2022.Evergrande's shares handed back some Thursday gains on Friday and fell 6%, while stock of its electric-vehicle unit

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dropped 18% to a four-year low. Its bonds fell slightly on Friday and its offshore bonds with imminent payments due , last traded around 30 cents on the dollar.($1=6.4589 Chinese yuan renminbi)Reporting by Tom Westbrook. Additional reporting by Clare Jim in Hong Kong and Andrew Galbraith in Shanghai; Editing by Stephen Coates

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This is what happens when you base your wealth on debt. Evergrande's demise will be a gain for many the smaller property companies in China. The folding of a badly run big white elephant concern is welcome. The quicker the better. Just a simple write off. What scare investors the most is good news. Not bad news. The bad news trigger regulators to initiate QE. Just like Japan has done for decades.

China lo hará de nuevo 👌 I thought China was on the metric system. good luck

China Evergrande nears interest payment deadlineChina Evergrande Group will make it a top priority to help retail investors redeem their investment products sold by the indebted property giant, its chairman said, as uncertainty looms over interest payment due for a dollar bond on Thursday.

China asks local officials to prepare for 'possible storm' if Evergrande fails, WSJ saysChinese authorities are preparing for the potential downfall of Evergrande, the Wall Street Journal reported Thursday. China will give them a loan for the loans……. LONDON, Sept 23 (Reuters) – Bank of England Deputy Governor Sam Woods said on Thursday that Britain's banks have no major exposures to Evergrande and he does not expect the troubled Chinese property group to 'go badly wrong'.

China Evergrande Loses Support of Hong Kong Tycoon Amid Debt CrisisChinese Estates, which is controlled by Hong Kong billionaire Joseph Lau and his wife, Chan Hoi-wan, said it had recently pared its stake in Evergrande and it was seeking shareholder approval to potentially sell the remainder. this is terrible news Biden looting public treasury trillion dollars

China Evergrande Keeps Dollar Bondholders Guessing on Key Interest PaymentGlobal investors who own China Evergrande’s U.S. dollar bonds were in the dark about whether the property giant would make a key interest payment, a major test of the highly indebted developer’s ability to avoid a default. stalling for time..... the fire's smouldering good luck we are one of 80,000 global investors in the US eb5 regional center program. and we are in the dark as well about whether the eb5 bill would be reauthorized and have US gov keep its promise that we had already created 10 jobs for us per person.

What Is China Evergrande, and Why Is Its Crisis Worrying Markets?The Chinese property giant’s debt load is teetering. Here’s a quick look at the crisis and the risks of a collapse. ChinaVirus More worries for China 🇨🇳 RealEstate , Banks & FinancialInstitution... equityin Markets Equityin More worries for China 🇨🇳 RealEstate , Banks & FinancialInstitution... equityin Markets Equityin

America is at last getting serious about countering China in AsiaThe Biden administration deserves credit for setting up AUKUS. Yet the deal still amounts to only half a China strategy Depends how you look AUKUS Glass half empty or half full ! Anyway cheers 🍻 to the effort 👌 There is no limit to the Yanks duplicity. In his UN address, Biden yapped about averting a cold War with China but just before that he sold nuclear submarines down under. This two-face man's right hand does not know what the left is doing. I may be remiss but I thought the last admin was hard pressed about a China strat lmao. Makes it hard when we literally give weapons to their friends who will give it to them to copy and study