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.
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. However the Wall Street Journal said, citing unnamed officials, that authorities had asked local governments to prepare for Evergrande's downfall."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.
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
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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
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