Chinese construction giant Evergrande Group has re-entered the news with the fact that it is again on the verge of bankruptcy. Analysts are increasingly skeptical about rebuilding the company without state aid and restructuring the accumulated debt. For the third time, Evergrande Group is at the end of a 30-day grace period in which it must repay its debt. The amount due is 82.5 million USD.
Lenders want a total of $ 260 million. They are adamant that they cannot guarantee enough money to pay coupons. This erased nearly 16% of the market value of the Evergrande Group in Asian trade on December 6.
To date, the construction giant has a debt of over $ 300 billion. This threatens the real estate sector as a whole, and could lead to other sectors of China’s economy. However, the opinion is not shared by the country’s Central Bank. “The short-term debt of a real estate company will not undermine market financing in a medium-term or long-term plan,” the banks said.
Authorities will send a team to the Evergrande Group to monitor risk management, strengthen internal control and support operations.
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