11/20/2023 0 Comments Evergrande default news![]() China’s Evergrande veers toward default and a 300 billion global shock. What's next for Evergrande?Įvergrande's future will hang in the balance for some time yet.īankers and analysts told Reuters that Beijing would stand firm on policies to curb excess borrowing by property developers, even as it makes financing tweaks amid an industry liquidity crunch. Evergrande initially missed international bond payments in September 2021, but provided no official statement and was eventually declared to be in default by rating agency Fitch in December that year. China’s Evergrande, facing collapse under debt mountain, decides silence is golden. Xu is worth an estimated $7.2 billion ($A9.89 billion), according to Bloomberg's Billionaire Index. But with the company's liabilities around 40 times that, Xu alone could not save Evergrande. ![]() Some outlets have reported that Evergrande have sold off private jets and that a mansion has been used as collateral to secure bank loans. Overseas media have also reported that Evergrande's billionaire founder and chairman Xu Jiayin could be forced to pay some of the debt from his personal wealth. ![]() The stadium is believed to around 12 billion yuan ($A2.6 billion) and has been designed to seat more than 100,000 - making it the world's largest venue built for soccer by capacity. When the world started to take notice of Evergrandes 300bn (£226bn) debt crisis earlier this year, some asked whether it would become Chinas 'Lehman moment'. To the relief of financial markets Evergrande Group's onshore property unit, Hengda Real Estate, says it will make a 232 million renminbi (49.5 million) interest payment for its 5.8 per cent 2025. Shares of embattled Chinese property Evergrande hit an all-time low of 18.8 Hong Kong cents (2.4 U.S. HONG KONG, Oct 30 (Reuters) - A Hong Kong court gave China Evergrande Group (3333. Guangzhou City Construction Investment Group is said to be close to acquiring Evergrande's Guangzhou FC Soccer stadium and surrounding residential projects. Logan Group winding-up hearing also adjourned to Dec 4.
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