“Evergrande, the world’s most indebted property developer, is set to formally enter default on Oct. 23, when the grace period ends for its first missed bond payment.”

Sharing is Caring!

A growing number of Chinese property developers are saying they can’t pay their debts, raising concerns of financial contagion as troubled property developer Evergrande Group missed another interest payment to bondholders on Tuesday.

Several Chinese real estate developers have warned of defaults on bonds in recent days, including Modern Land and Sinic Holdings, which said Monday it probably would be unable to repay a $250 million bond by the Oct 18 due date.

Evergrande, the world’s most indebted property developer, is set to formally enter default on Oct. 23, when the grace period ends for its first missed bond payment. On Tuesday, the company missed a third round of payments, bondholders confirmed to the ­Reuters news agency, intensifying investor jitters.

See also  The Economy Explained.....All Over The World --- 'You Have Two Cows"

www.washingtonpost.com/world/asia_pacific/china-evergrande-debt-property/2021/10/12/403d48ca-2b1a-11ec-b17d-985c186de338_story.html

Trending:
See also  The Chairman & CEO of Camping World Holdings, Inc. (NYSE:CWH), Marcus Lemonis, Just Sold 42% Of Their Holding

Views: 35

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.