BlackRock and HSBC funding encouraged Evergrande as problems approached

Updates of Evergrande Real Estate Group

Funds managed by BlackRock and HSBC also increased their spending in Evergrande a few months before the financial crisis in China that registered their assets.

BlackRock in August bought five Evergrande dollar bonds through one of its most lucrative investments, which included a $ 18m resume maker, Morningstar data show. The size of the reserves grew exponentially this year as the management of the reserve increased.

According to a report by Bloomberg based on the June, July and September registration dates, the global average was about $ 400m.

HSBC’s high-yield fund in July also bought Evergrande’s mortgage and increased sales by 38% since February as the fund grew, which Morningstar showed, even though its $ 31m display was down due to lower prices.

This shows the willingness of some of those who have earned a lot of money from the Fargrande countries to continue to increase their assets even if prices start falling early. financial problems which is growing in global markets.

Many advertisers may have a chance to stay in Evergrande, because their relationships are a big part of the credit-card-making business of the Asian company. Group loans sold in maritime markets only have a minimum share of its $ 300bn maximum in the rankings for lenders and businesses, meaning that the visibility of financial managers is not enough.

BlackRock declined to comment on his finances on the Evergrande loan. The HSBC Treasury said, “as we do a lot of work, we keep an eye on what’s going on in the organization”.

The debtors’ debt consortium around the world has been trading for weeks on a number of issues as they try to cope with the payments they make Thursday on their maritime payments. The dollar-denominated dollar-matched currency for next year sells for at least 30 cents per dollar, compared to its near-end price at the end of May.

S&P Global Ratings expects the company not to change this week and estimates it has $ 20bn in dollar-made bonds available from two international corporations.

Ashmore, a well-known market analyst, had more than $ 400m tied at the end of June, a Bloomberg report showed, while UBS was close to $ 300m on Evergrande connections at the end of April, May, June and July. UBS and Ashmore declined to comment.

In a letter to clients last week, UBS said: “We continue to keep Evergrande in a tight financial position because leaving the site now removes anything that could happen to resume construction, foreign aid, or change in policy in the coming months., And Evergrande organizations are now selling at a lower price or equivalent ”.

Evergrande is a world-renowned lender among Chinese real estate developers, with a lot of money relying heavily on Asian dollar markets over the past decade but now under pressure from Beijing to reduce its debt.

In the past it was time to spend money They set up their bets against Evergrande Prices began to fall on rough seas, combined with deposits and suspensions by government officials, followed by angry shopkeepers descending on their headquarters in Shenzhen last week.

The company has been dominated by the market for its loans, which are the largest in the world.

“I have banned anyone [that works for me] from the impact of Evergrande finance or debt for 20 years, ”said Hong Kong’s chief financial officer. “It has become clear that he is very dangerous and one day he may suddenly end up crying.”

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