China Evergrande’s liquidity crisis deepens, report flags interest payment miss

china evergrandes liquidity crisis deepens report flags interest payment miss

Sumary of China Evergrande’s liquidity crisis deepens, report flags interest payment miss:

  • Breadcrumb Trail Links PMN Business Author of the article: Reuters Clare Jim Publishing date: Sep 15, 2021 • 30 minutes ago • 3 minute read • Join the conversation Article content HONG KONG — China’s major banks have been notified by the housing authority that Evergrande Group won’t be able to pay loan interest due Sept.
  • 20, Bloomberg reported, underlining the broadening impact of the property developer’s liquidity crisis.
  • 2 property developer has already sparked social anger among investors and homebuyers and raised risks for China’s vast financial system.
  • It added that Evergrande is still discussing with banks the possibility of extending payments and rolling over some loans.
  • Article content The indebted property developer is scrambling to raise funds to pay its many lenders and suppliers, as it teeters between a messy meltdown with far-reaching impacts, a managed collapse or the less likely prospect of a bailout by Beijing.
  • Regulators have warned of broader risks to the country’s financial system if the company’s $305 billion of liabilities aren’t contained.
  • Evergrande on Tuesday said it has engaged advisers to examine its financial options and warned of cross-default risks amid plunging property sales and lack of progress in asset disposals.
  • The housing ministry did not immediately respond to a faxed Reuters request for comment, and Evergrande also did not immediately respond to a request for comment.

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