According to an insider, the heavily indebted real estate company has not yet paid some bondholders. Evergrande has more than $ 300 billion in debt.
Evergrande
The Chinese real estate company has apparently once again failed to meet a payment deadline. (Image: Reuters) Hong Kong According to insiders, the highly indebted Chinese housing construction group China Evergrande has again let payment deadlines pass unused. Some bondholders have not yet received the coupon payments due, three people familiar with the matter told Reuters news agency on Wednesday. “The lack of payments shows that Evergrande is still not doing well even though it is completing apartments, ”said Thomas Kwok, chief securities officer in Hong Kong. Evergrande had to service new coupon payments of $ 255 million on Tuesday for two bonds dated June 2023 and 2025. There is a 30-day grace period for both payments. Evergrande has more than $ 300 billion in debt and is attempting to raise cash by selling assets and stocks to compensate suppliers and creditors. The trembling game of the industry giant and other indebted Chinese real estate companies increases the pressure on the government to prevent a conflagration in the Chinese real estate and financial markets. More: The prospect of government support for the ailing real estate sector is generating renewed confidence. A wildfire could be avoided in this way.
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