![]() ![]() ![]() Further funding problems sent the company’s stock and bonds tumbling and, after late payments on some dollar bonds, it missed a December 2021 deadline to pay two dollar-bond coupons. China Evergrande, a behemoth property developer, filed for bankruptcy protection on Thursday more than two years after it defaulted on its debt. It could trigger a so-called 'cross default' on. But China’s housing market began to slow as regulators cracked down on excessive borrowing. Investors are waiting for news about tens of millions of dollars of overdue interest payments owed by crisis-hit industry giant Evergrande. It had a liquidity scare in 2020, and outlined a plan to roughly halve its $100 billion debt pile by mid-2023. HONG KONG, Jan 26 (Reuters) - China Evergrande Group said on Wednesday it aims to have a preliminary restructuring proposal in place within six months as the debt-laden developer scrambles to. It says it owns more than 1,300 projects in 280 cities. And the company remains under pressure to deliver thousands of pre-sold housing projects - and pay its workers - to avoid sparking social unrest.Įvergrande was founded in 1996 and relied on heavy borrowing to fuel its growth, becoming the largest dollar-debt borrower among its peers and for a time the country’s biggest developer by contracted sales. But Evergrande bondholders are still wondering how much of their money they’ll see after the dust settles. The government is now overseeing the rescue, quelling fears of a disorderly collapse that could jolt the world economy. Embattled Chinese property giant Evergrande has suspended share trading on the Hong Kong stock exchange only a month after it resumed trading after a 17-month suspension. China Evergrande Group was declared to be in default in late 2021, the highest-profile casualty of a broader crisis in the country’s property industry. One of China’s largest-ever debt restructurings is starting to take shape. China Evergrande Group was declared to be in default in late 2021, the highest-profile casualty of a broader crisis in the country’s property industry. ![]()
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