Updates of Evergrande Real Estate Group
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Evergrande investors in distant lands say they have not yet received the remaining interest rate just hours before the deadline, which adds to the uncertainty of the world’s debt-ridden companies.
The $ 83.5m fee is due for midnight in New York on Thursday, or Friday afternoon in Hong Kong. Two people familiar with the matter said no payments had been received since Friday morning in Hong Kong.
The sales team, which did not say anything about the refund, has a 30-day chance before any failure to pay legally requires a refund.
Evergrande, which is expected to remain stable for several weeks, is in the midst of a major health storm in much of China. avoid excessive debt.
Woe to him! shook the world’s goods and retail markets this week before the deadline for payment, as traders measure the significance of the downturn in the real estate market that has stimulated China’s economic growth for years.
The producer, who is facing total debt of more than $ 300bn, warned in August of the immutable risk after a public reprimand from Beijing. The low cost of his loans helped Push for more yields in the $ 400bn retail market in Asia, which is one of the largest lenders.
The government-sponsored interest rate on Thursday fell in price while traders expected to receive cash inputs. a major overhaul process in China’s economic history. The letter, which matures next year, sells for $ 0.33 per dollar.
Most Evergrande bond dollars were trading at about 30 cents on the dollar on Friday, showing serious disappointment, while the Hong Kong-based company’s stock price fell nearly 6.7 percent, down more than 80% this year. Shares at the automotive electronics support company fell by about 22.7 percent.
“Whether paid or not will not change any uncertainty,” said Michel Löwy, chief executive of SC Lowy, a Hong Kong-based marketing team. “[Unless there is] another medium intervention is significant damage [is added] the team needs to reorganize. ”
Evergrande set the tone for the Asian trade on Wednesday when it announced that it had happened agreed and those with foreign trade organizations to receive special interest for the fourth time on Thursday on a fine, without giving much.
The company is facing occasional setbacks, including a $ 45m payout next Wednesday on a bond set in 2024. It has a net worth of about $ 20bn on all loans in international markets.
In China, Evergrande is fighting it responsibility to stockbrokers in commerce, which last week gathered at its headquarters in Shenzhen for demonstrations, as well as the commitment of suppliers and contractors for its development projects in China.
“If retailers in remote countries earn 10 to 15 cents more than the current trade price, I think people [will] just move on, “said a Chinese business expert, adding that officials could use Evergrande to send messages to developers.