• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

China Evergrande stares into the void as interest deadline passes

September 24, 2021 by David Barret Leave a Comment

September 24, 2021

NEW YORK (Reuters) – A deadline passed on Thursday for China Evergrande, the world’s most indebted property company, to pay $83.5 million in interest on a dollar bond. With $305 billion in liabilities, Evergrande is struggling to meet debt obligations and global markets are watching for signs of default.

Here is a timeline of this week’s developments.

MONDAY, SEPT. 20:

Evergrande shares in Hong Kong hit lowest level since 2010. Global equity markets wobble on contagion fears. The S&P 500 suffers its biggest one-day drop in four months.

S&P Global Ratings says it does not expect Beijing to provide any direct support to the company.

The cost of insuring China against default rises to near one-year high. Yuan currency comes under pressure.

TUESDAY, SEPT 21:

The company will “walk out of its darkest moment” and resume full-scale construction as soon as possible, the developer’s chairman says in a letter to staff.

Evergrande missed interest payments due Monday to at least two of its largest bank creditors, Bloomberg reports. The missed payments had been expected as China’s housing ministry had said the company would be unable to pay on time.

Fund giant BlackRock and investment banks HSBC and UBS have been among the largest buyers of Evergrande’s debt, Morningstar data shows.

Bank of America cuts China growth forecast.

WEDNESDAY, SEPT. 22:

Evergrande holds an internal meeting and its chairman urges executives to ensure the quality delivery of properties and redemption of wealth management products.

Evergrande agrees to settle interest payments on a domestic bond. The Chinese central bank injects cash into the banking system.

U.S. Federal Reserve Chair Jerome Powell says the Evergrande debt problems seem particular to China and does not see a parallel with the U.S. corporate sector.

The Swiss central bank governor says it would be wrong to dismiss the Evergrande situation as a small local problem.

THURSDAY, SEPT. 23:

Chinese Estates Holdings, the second-biggest shareholder of Evergrande, plans to exit its holding completely.

Wall Street Journal reports Chinese authorities asked local governments to prepare for the potential downfall of Evergrande.

A handful of Chinese real estate developers have ratings downgraded by agencies as concern swirls about their debt and repayment abilities.

FRIDAY, SEPT 24:

A Thursday deadline for paying $83.5 million in interest of a dollar bond passed without remark from Evergrande, and bondholders had neither been paid nor heard from the company. Evergrande has a 30-day grace period.

China Evergrande’s electric car unit warns that without a strategic investment or the sale of assets it faces an uncertain future with its ability to pay staff and suppliers and mass-produce vehicles at risk.

Some Chinese banks, insurers and shadow banks stop offering new credit to property developers.

China’s central bank again injects cash into the banking system.

(Writing by Nick Zieminski in New York; Editing by Nick Macfie)

Source Link China Evergrande stares into the void as interest deadline passes

David Barret
David Barret

Related posts:

  1. 3 keys to pricing early-stage SaaS products
  2. China’s elite snowboarders herald new wave of Olympians
  3. Australia’s RBA optimistic on economy, but rates to stay low until 2024
  4. Indonesia govt, key parliamentary body set 2022 GDP growth target at 5.2%

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • The Life And Death Of David Vetter, The Boy Who Lived His Whole Life In A Bubble
  • Time’s Arrow Within Glass Appears To Go Both Ways, Raising Huge Questions
  • World’s “Oldest Baby” Born From Embryo Frozen In 1994 In New World Record
  • What Can Spain’s “Tunnel Of Bones” Tell Us About The Fate Of Human Species On The Brink Of Extinction?
  • Rhino Horns Go Radioactive As Anti-Poaching Project Gets Off The Ground
  • Manta Rays Officially Get Third New Species – 15 Years After First Suspected
  • “Space Hurricanes” Are Happening At Earth’s Poles – And They Can Affect GPS Signals
  • There Is A Crucial Reason Why We Will Never See The Big Bang Directly With Our Telescopes
  • How Does An MRI Machine Work?
  • Catch A Glimpse Of One Of The World’s Rarest Sharks In Dreamy New Footage
  • A One-Shot Vaccine For HIV Might Actually Be On The Cards
  • Chikungunya Virus Is Spreading In China: As CDC Considers Travel Advisory, Here’s What To Know
  • First-Of-Its-Kind Vagus Nerve Implant Gets FDA Approval As A Therapy For Rheumatoid Arthritis
  • First Time Crystal Made Of “Exotic” Giant Atoms 1,000 times Larger Than Hydrogen
  • Prehistoric Humans Began Eating Tubers 700,000 Years Before Our Teeth Evolved To Do So
  • The World’s Oldest Wild Bird “Surprised” Everyone With A Hatched Chick At 74
  • “Spectacular” New Species Of 40cm Giant Stick Insect May Be Australia’s New Heaviest Insect
  • What Is “Nobel Disease”, And Why Do So Many Prizewinners Go On To Develop It?
  • New Human “Mini-Brains” Combine Cells From The Whole Brain – Even The Blood Vessels
  • Aging NASA Spacecraft Could Intercept The Interstellar Comet On The Other Side Of The Sun, Astronomers Suggest
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version