China Evergrande ‘likely to default’ within months – S&P

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Embattled property giant China Evergrande is “highly likely” to default when it faces enormous repayment pressures early next year, according to S&P Global ratings.

The agency has released a report saying the property giant faces a big test in March and April 2022, when it will have to make a $3.5 billion repayment of principal for its public US dollar senior notes.

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“At some point … Evergrande’s massive debt will catch up with it,” the S&P report said.

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“The firm has lost the capacity to sell new homes, which means its main business model is effectively defunct.

“This makes full repayment of its debts unlikely.”


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