Global investors watch anxiously as China’s real estate giant Evergrande struggles to avoid from defaulting on $37.3 billion debt
China’s one of the biggest real estate developers Evergrande’s struggle to avoid defaulting on tens of billions of dollars of debt has pushed the global financial system into a cycle of uncertainty.nine percent to less than $42,669 while Etherium, another strong cryptocurrency, dropped almost 10 percent to $2,940 on Monday.
Especially, the market value of the Japanese companies with operations in China has declined more, such as Hitachi Construction Machinery losing over five percent of its value. It is expected from Beijing to intervene if Evergrande and lenders can’t agree on how to handle its debts, but any official resolution is expected to involve losses for banks and bondholders.
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