Sumary of As is happened: ASX down 0.3% despite Lithium miners surge:
- Credit:Istock Traders kept one eye on the potential collapse of Chinese developer Evergrande, which owes $US300 billion, after news broke on Wednesday afternoon the company would miss an interest payment next week.
- China’s government is assembling a group of accounting and legal experts to examine the finances of China Evergrande Group, a potential precursor to a restructuring of the world’s most indebted developer.
- Regulators in Evergrande’s home province of Guangdong dispatched a team last month from King &
- While senior leaders in Beijing have yet to indicate whether they would allow Evergrande creditors to suffer major losses, bondholders are pricing in slim odds of a rescue.
- Guangdong officials have turned down at least one bailout request from billionaire Evergrande founder Hui Ka Yan, who owns a controlling stake, one person familiar with the matter said.
- Evergrande said on Tuesday that the company hired its own advisers, Houlihan Lokey and Admiralty Harbour Capital, to “assess the group’s capital structure” and “reach an optimal solution for all stakeholders.
- ” The disclosure came in an exchange filing outlining the dire state of the company’s finances, with Evergrande warning that it faces “tremendous” liquidity strains.
- The financial stability of property giant China Evergrande is increasingly in doubt, and this has enormous consequences – not only for the Chinese economy, but also for suppliers, such as Australian iron ore miners.