Anasayfa / Politika / Chinese property giant ‘misses another payment deadline’ Evergrande:

Chinese property giant ‘misses another payment deadline’ Evergrande:

According to media reports, Chinese real estate giant Evergrande, which has a large debt, does not pay interest to foreign investors twice a week.
Evergrande will pay foreign mortgage holders $ 47.5 million (£ 35 million) on Wednesday.
But mortgage holders have told Reuters and Bloomberg News that they haven’t received payment yet.
Under the investor agreement, the company has a 30-day period before payments are officially standardized.
Evergrande did not comment publicly. Once the best-selling developer in China, the company now owes more than $ 300 billion in debt.
He has fulfilled his responsibilities in China amid concerns about social unrest.
Evergrande last week defaulted on $ 83.5 million interest payments on foreign mortgages, but reached an agreement with local investors to pay $ 35.9 million, which was also overdue.
When a similar interest payment deadline expired on Wednesday, sources told Reuters that some Evergrande mortgage holders abroad had not received any money or contact about it.
The two mortgage holders told Bloomberg that they hadn’t received payment on Thursday morning. However, on Thursday Evergrande paid a 10% down payment for wealth management products, primarily owned by domestic retail investors.
The crisis that overwhelmed the world’s most developing real estate developers has permeated the global market over the past few weeks.
Background: What is Evergrande? Is it too big to fail? Evergrande has borrowed more than $ 300 billion and aggressively expanded into one of the largest companies in China.
However, after Beijing introduced new rules to manage the number of large real estate developers, Evergrande offers real estate at significantly discounted prices to ensure the inflow of funds to keep the business going. I started to do it. Now you are having a hard time paying your interest on your debt.
Evergrande announced this week that it will sell its $ 1.5 billion stake in a commercial bank due to struggling to raise funds.
Investors have seen the crisis unfold as businesses get stuck between nasty crashes, controlled outbreaks, or the unlikely prospects of a Chinese government bailout with potentially widespread consequences. ..


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