Home » today » Business » Evergrande did not pay interest on time Evergrande did not pay interest on time September 24, 2021 by world today news 2021-09-24 08:20 publication2021-09-24 08:20 – share – – —photo: TYRONE SIU / / Reuters The deadline for paying interest to buyers of dollar bonds issued by Evergrande passed on Thursday. The developer did not announce the payment of liabilities, investors reported that they did not receive the money. The Chinese still have 30 days to be declared insolvent. Yesterday, Evergrande was to pay $ 83.5 million. interest to investors who bought her dollar bonds with a face value of $ 2 billion. (they are currently valued at just 33 cents on the dollar). As reported by the Reuters agencyHowever, it did not happen – the signals did not come from the developer or the buyers of his securities. If the liabilities are not settled within 30 days or the parties fail to reach a different agreement, the company will be considered insolvent. The group is the largest Chinese issuer of corporate debt denominated in dollars, accounting for approx. 16 percent. market. He has to buy back securities for about $ 20 billion. Investors doubt they will get the full amounts back – bonds are often priced below 30 cents on the dollar. The rest of the world realizes that they are at the end of a long line of people who want to get back from the falling giant what they are owed. The group’s liabilities exceed the equivalent of $ 300 billion. Another $ 45 million The company has to pay off interest on dollar bonds on Wednesday. However, the next series does not start until March next year. Evergrande shares listed on the Hong Kong Stock Exchange are now cheaper by more than 10 percent. after yesterday they rebounded by a dozen or so percent. Only this year, the stock lost over 80 percent. – – – Bloomberg On Wednesday, the group reported that it had struck a deal with creditors holding yuan bonds, the interest on which was also to be paid by yesterday. The developer was to pay them back 232 million yuan (about $ 36 million) – it is not clear from the company’s announcement whether the debtor was able to pay the liability in cash or in some other form, e.g. housing. In turn, on Monday, the company – as announced by government circles – did not pay at least two large Chinese banks on time. Evergrande’s uncontrolled collapse has the potential to spark the financial crisis in China and abroad. Beijing, however, has the means to avoid a Lehman Brothers repeat. So far, the government has still not openly intervened, trying to force a change in the economic model of the Middle Kingdom. Ultimately, stability remains Xi Jinping’s priority, so he will probably soon order the biggest restructuring in the history of the PRC. The chain reaction will be stopped, but the real estate sector will face a further difficult period and China’s “economic miracle” will lose its main fuel. Maciej Kalwasiński Source: – Related posts:ČD will be more colorful, it will return the earlier paint to some machines. The vote on the form o..."Twitter is also interested in acquiring TikTok's American division" - IT Pro - News“Astra safety is enough”… In principle, vaccination is allowed for the elderlyDifficult patient distribution affects Albert Schweitzer hospital | InlandShare this:FacebookX Related WNBA: Bria Hartley and Phoenix narrowly cope against New York in opening playoffs They called it “the project of the century”… It became a black hole. Leave a Comment Cancel replyCommentName Email Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed. Search for: