Property group’s 2021 bond default triggered sector-wide liquidity crisis in China
email rounding up the latestProperty developer China Evergrande has filed for bankruptcy protection in the US, as the company pursues a prolonged restructuring agreement with international creditors that hold billions of dollars in bonds.defaulted on its dollar-denominated debts in late 2021, sparking a sector-wide liquidity crisis that has weighed on China’s economic growth and put increasing pressure on policymakers in Beijing.
Chinese stocks and bonds have fallen this month, with Hong Kong’s Hang Seng index declining more than 21 per cent from its recent peak to fall into bear market territory on Friday.unveiled losses of $81bn Its bankruptcy filing in a New York court, signed by the company’s foreign representative Jimmy Fong, relies on the so-called Chapter 15 process for foreign companies seeking recognition of their restructuring in the US.
Evergrande had about $20bn in international bonds at the time of its default and proposed providing investors with notes linked to the group’s listed subsidiaries in Hong Kong.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Improved outcomes seen with lower 2021 KDIGO BP targetThe newly lowered Kidney Disease: Improving Global Outcomes (KDIGO) blood pressure (BP) target systolic BP (SBP) of
Lire la suite »
China’s Evergrande asks court to approve debt plan and rejects bankruptcy claimsThe property developer is said to be struggling with its £267 billion debts.
Lire la suite »
Chinese authorities attempt to revive flagging economy amid contagion fearsSigns have emerged that the slowdown in China's property market could lead to contagion in the broader economy, as Evergrande files for bankruptcy protection.
Lire la suite »
Strictly's John Whaite breaks silence with cryptic messageThe former Great British Bake Off winner competed on the BBC show in 2021
Lire la suite »
SUSE to flip back into private ownershipBuyout offer is at €16 per share, compared to €30 at its 2021 IPO
Lire la suite »