![]() Using the algorithm for drop 1120 brings us to Nov. The Delta takes us to drop 1166 Russia & China are playing the currency devaluation game. The debt ceiling was raised, therefore changing the timeline. Investor focus is now also shifting to other cash-strapped developers which have a string of offshore payments coming due in the short term, including Kaisa Group. Evergrande Default My original decode had the Market Crash to begin on October 16, 2021. It has come under pressure from its other creditors at home and a stifling funding squeeze has cast a shadow over hundreds of its residential projects. Evergrande’s stock closed down 20 at 1.81 Hong Kong dollars. ![]() Next major payment due in DecemberĮvergrande has coupon payments totalling more than $255 million due on Dec. Shares of Evergrande plummeted to a new record low on Monday as the Chinese developer once again teetered on the brink of default. EDT Hui Ka Yan (Bloomberg) One of China’s largest-ever debt restructurings is starting to take shape, with the Communist Party now in the driver’s seat, after China. These are early days," said a source with knowledge of the matter, referring to Evergrande and declining to be named without authorisation to talk to the media.Įvergrande did not respond to Reuters request for comment.īankers and analysts told Reuters that Beijing would stand firm on policies to curb excess borrowing by property developers even as it makes financing tweaks amid an industry liquidity crunch. "The near-term fix seems to be happening but there's a long way to go before this issue gets sorted out. (Kyle Lam/Bloomberg) Problems remainĪlthough the developer managed to sidestep imminent disaster, woes in China's $5 trillion property sector showed no signs of abating with a wall of debt coming due. Evergrande the big Chinese property developer has been declared in default. Shares in numerous Chinese real estate companies have been hammered amid the worries.
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