Evergrande crisis in China may lead to massive debt deadline

Ahead of a deadline for cash-strapped china, Evergrande group today to make an offshore bond coupon payment concerns have mounted about a deepening liquidity crisis in the Chinese property sector. Our brand, which is the world's most indebted developer, has been stumbling from deadline to deadline in recent weeks as it grapples with more than 300 billion dollars in liabilities, 19 billion of which are global market Bonds.

The company has not defaulted on any of its offshore debt obligations so far, but another overdue 148 million bond payment must be made today and it has coupon payments totaling more than 255 million on June 23 and 25 bonds. Next month, Beijing has been prodding government-owned firms and state-packed property developers to purchase some of Evergrande's assets to try and control the fall, despite stifling dead woes of our grand, its electric vehicles unit is Pushing ahead with its business plan. Unit is seeking Chinese regulatory approval to sell its inaugural sports utility vehicles, china, our grand new energy vehicle group.

It plans to sell 64 million worth of shares to fund the production of new energy. Cars worries over the potential fallout from Evergrande. It roiled china's property sector yesterday slamming bonds of real estate firms amid worries that crisis could spread to other markets Slide in bond prices came just hours after u.s fed warned. China's troubled property sector could post-global crisis.

Post a Comment