After lurching from deadline to deadline, China Evergrande is again on the brink of default, with pessimistic comments from the property developer raising expectations of direct state involvement and a managed debt restructuring
Evergrande says no guarantee it can make $82.5 mln debt paymentsAuthorities summon chairman; shares drop 20% to all-time lowHONG KONG, Dec 6 - After lurching from deadline to deadline, China Evergrande Group
But a statement on Friday saying creditors had demanded $260 million and that it could not guarantee funds for coupon repayment prompted authorities to summon its chairman - and wiped a fifth off its stock's value on Monday.Evergrande, once China's top-selling developer, is grappling with over $300 billion in liabilities, meaning a disorderly collapse could ripple through the property sector and beyond.
Analysts said authorities' concerted effort signalled Evergrande has likely already entered a managed debt-asset restructuring process. After the flurry of statements, Evergrande's stock nose-dived 20% on Monday to close at an all-time low of HK$1.82.
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