China Evergrande Collapse

[ry0972]

This could be the start of some really BIG and BAD hits in the Chinese financials!!!
Or China does everything it can to contain it till after the Olympics??

[TOM4CWB]

Evergrande finally defaulted today and is moving to bankruptcy proceedings.

Not quite...

"WSJ: Chinese Developers Rally on Policy Hopes as Evergrande Again Averts Default
Central bank considers easing rules on leverage to help struggling developers sell off assets

A China Evergrande development on the outskirts of Nanjing.
PHOTO: QILAI SHEN/BLOOMBERG NEWS
By Frances Yoon and Quentin Webb
Updated Nov. 11, 2021 5:12 am ET


Stocks and bonds of Chinese developers jumped on signs that Beijing could moderate its tough stance on the beaten-down property sector, while industry heavyweight China Evergrande Group again averted default by making another set of last-minute bond payments.

On Thursday in Hong Kong, the Hang Seng Mainland Properties index gained 5.6%, building on a rally in the previous session. Some real-estate stocks surged more, with China Aoyuan Group Ltd. gaining 12% and China Vanke Co. jumping 6.7%."

Never doubt the Chinese capacity to save face and bolster its interests....

[errolanderson]

The poster child of China's property crisis China Evergrande Group was officially declared in default by credit rating agency S&P Global on Friday after the sprawling firm missed a bond payment earlier this month.

"We assess that China Evergrande Group and its offshore financing arm Tianji Holding Ltd. have failed to make coupon payments for their outstanding U.S.-dollar senior notes," S&P said in a statement.

No financial contagion into North America and Europe, they say (hope, wish, pray) . . . .