- Problems at China’s indebted property developer Evergrande have escalated in recent weeks. It has warned investors twice in as many weeks that it could default.
- Foreign investors holding Evergrande bonds are “definitely sweating,” says Matthews Asia’s head of fixed income, Teresa Kong.
- Evergrande owns more than 1,300 real estate projects in over 280 cities in China, according to the company’s website. Protests by angry home buyers and investors have reportedly broken out in various Chinese cities in recent days.
In German News: Lehman insolvency advisor to save Evergrande
Sands China (-32%), Wynn Macau (-29%), and MGM China (-27%) all had huge drops on the Hong Kong Exchange today.