UPDATE 5-China Evergrande’s liquidity crisis deepens, report flags interest payment miss

update 5 china evergrandes liquidity crisis deepens report flags interest payment miss 1

Sumary of UPDATE 5-China Evergrande’s liquidity crisis deepens, report flags interest payment miss:

  • By Clare Jim5 Min ReadHONG KONG (Reuters) -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.
  • People gather to demand repayment of loans and financial products as security personnel guards outside Evergrande’s headquarters in Shenzhen, Guangdong province, China, September 15, 2021. REUTERS/David KirtonThe troubles ailing the nation’s no.
  • 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.
  • 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.

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