The heavily indebted Chinese real estate developer Evergrande is threatened with insolvency.
(Photo: Reuters)
Dusseldorf The heavily indebted Chinese real estate developer Evergrande averted insolvency at the last minute on Friday. Shortly before the grace period expired, the company paid $ 83.5 million in interest on an onshore bond to an escrow account at Citibank, as Reuters reported with reference to Insider. The insider confirms a report by the state financial newspaper “The Securities Times”.
Nevertheless, the risk of the group collapsing has not been ruled out. Another grace period for the interest payment of another offshore bond in the amount of 45.2 million ends on October 29. In October, more than $ 400 million in coupon distributions will be due for various on- and offshore bonds.
The crisis of the second largest Chinese real estate developer Evergrande has intensified more and more in the past few weeks. According to official figures, the widespread conglomerate has accumulated debts of the equivalent of more than 300 billion dollars. There is also speculation about further off-balance sheet liabilities.
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