The Fitch agency has been the first to qualify what markets take days to intuit, and is that Evergrande, one of China's largest real estate promoters and the most indebted in the world, has not complied with the payment obligations that he had committed to the Last Monday and his situation becomes critical again.
The company, which has delayed several bonus payments in recent months and did not pay interest in September, had to pay 82.5 million dollars in coupons that beat Monday. According to the rating agency, the payment has not occurred and its situation is "default", as it collects the Agency France Press.
The actions of the Giant Real Estate have been suffering from the doubts of investors to the point that last Wednesday marked a new historical minimum. Only promises of controlled and ordained restructuring by the Chinese government had contained some fears in recent weeks.
The non-compliance by Evergrande of the payment of 82.5 million dollars for interests of some US dollar bonds would trigger a crossed default of its approximately $ 19,000 million in international bonds, with possible ramifications in the Chinese economy and others Areas, according to Reuters.
The situation is worried not only for the future of the company itself, but because of the possible contagion to the country's real estate sector and its effects on markets. In fact, your situation is not unique in the Asian giant. Another of the promoters of the country, although of smaller, Kaisa Group, was suspended from contribution last Wednesday after a source familiar with said that it was unlikely to fulfill its foreign debt of 400 million dollars on Tuesday.
Kaisa, China's largest foreign debt holder between Evergrande, had not reimbursed the 6.5% bonus at the end of the Asian Labor Day, the source said, which could cause a technical breach of the bonds, unleashing Unpaid crossed in its foreign bonds for a total of almost 12,000 million dollars.Date Of Update: 09 December 2021, 05:49