The collapse of China’s largest and most indebted property developer, Evergrande, is now official. And many are wondering what will happen next. Evergrande’s default probably happened months ago, but it is only now being admitted publicly after the company missed yet another bond payment to offshore (dollar) bondholders. Fitch officially downgraded both Evergrande and competitor Kaisa Group […]
Posts Tagged ‘evergrande’
China’s Xi Walks Political Tightrope as Evergrande, Property Market Totters
September 27th, 2021 Awake Goy
Commentary Some clarity emerged from the China Evergrande saga as the embattled real estate developer triaged its finances by electing to forego paying offshore bondholders in favor of conserving cash to pay Chinese customers and stakeholders. After weeks of customer protests, credit downgrades, and rumors of default, Evergrande elected to pay onshore bondholders and was […]