CD Media

Evergrande Has Finally Defaulted: Here’s What Happens Next

China Blinks: As Contagion From Property Sector Crash Spreads, Regulators Set To Ease Bond Rules
Harcourt House & China Evergrande Centre
Image by Wpcpey

Please Follow us on GabMindsTelegramRumbleGab TVGETTR

This is the way Evergrande ends: not with a bang but a whimper.

Three months after an initial shockwave of fear that China’s largest and most indebted property developer was set to default, roiled global markets only to see the company repeatedly kick the can on several occasions even as the final default was always just a matter of when not if (due to billions in interest payments and tens of billions in upcoming debt maturities), overnight ratings agency Fitch (with Moodys and S&P set to follow shortly) officially downgraded insolvent property developers China Evergrande Group and Kaisa Group, saying they had defaulted on offshore bonds.

The downgrades to so-called “restricted default” status came days after the companies failed to make an offshore bond interest payment, even though Evergrande and Kaisa have not officially announced defaults that will result in drawn-out debt restructuring processes and potentially nationalization…

To read more visit Zero Hedge.

The Global Media Company Funded By The Common Man!  You Won’t Get Anywhere Else What You Get From CDMedia! Donate!  

Related posts

China’s Retail Sales Down, US Retail Sales Lower Than Forecast

CD Media Staff

Shut It Down: Chinavirus Closes America

CD Media Staff

Blowout Durable Goods Orders…Triple Expectations…Corporate Media Stutters

CD Media Staff

Leave a Comment

Subscribe to our evening newsletter to stay informed during these challenging times!!