Evergrande defaulted.
Weak hands selling.
Are you sure? Some website's are saying they defaulted, but others are saying Evergrande made some slightly overdue payments that might buy it more time.
I'm not sure what's happening. Someone on twitter said it's like a Schrödinger's cat default.
https://fortune.com/2021/11/10/evergrande-pays-delayed-interest-bonds-default/China Evergrande Group looks set to avert another default in its biggest test since the property developer’s debt crisis began.
Customers of international clearing firm Clearstream received overdue interest payments on three U.S. dollar bonds issued by Evergrande, a spokesperson for Clearstream said. Two investors that hold two of the bonds confirmed that they received the payments, asking not to be identified because they weren’t authorized to speak publicly.
Investors had been waiting to see if the embattled developer would make the coupon payments totaling $148.1 million before the end of 30-day grace periods on Wednesday.
https://www.bloomberg.com/news/articles/2021-11-10/evergrande-said-to-pay-delayed-interest-on-at-least-two-bondsChina Evergrande Group looks set to avert another default in its biggest test since the property developer’s debt crisis began.
Customers of international clearing firm Clearstream received overdue interest payments on three U.S. dollar bonds issued by Evergrande, a spokesperson for Clearstream said. Two investors that hold two of the bonds confirmed that they received the payments, asking not to be identified because they weren’t authorized to speak publicly.
https://www.express.co.uk/finance/city/1519580/Global-financial-crash-china-evergrande-collapse-china-property-marketSuch is the dire state of the company, experts now predict the company will announce bankruptcy in a "matter of days". According to Deutsche Marktscreening Agentur (DMSA), the collapse of the company could now have dire consequences for the financial system. DMSA itself has invested in bonds paid to Evergrande and did not receive interest repayments from the company.
Due to these missed repayments, DMSA is now preparing bankruptcy proceedings against Evergrande.
"But so far we have not received any interest on our bonds.
"With banks in Hong Kong closing today, it's certain that these bonds have defaulted."
https://www.fxstreet.com/news/evergrande-and-us-inflation-fears-sink-us-stocks-202111101905To top it off, risk-off is accelerating on the news that the cash-strapped China Evergrande Group has missed coupon payments by the end of a 30-day grace period, pushing the developer again to the edge of default.
Update: In more recent trade, the headlines are now stating that the company has met at least one of its deadlines for repayments, but there are reports that bankruptcy proceedings are still underway.
