. The long-awaited plan could set an important precedence for investors dealing with the growing defaults and restructuring in China’s real estate industry. With more than $270 billion in total liabilities, Evergrande’s debt restructuring is also the country’s largest on record and will have broad implications for its financial markets.
The company also warned its electric vehicle unit would face the risk of shutdown without new funding. If the unit can obtain over 29 billion yuan in financing, it plans to launch a number of flagship models and achieve mass production. Evergrande was once China’s largest developer by sales. But it had borrowed so heavily that when China cracked down on leverage in the property sector in 2020, it failed to raise enough cash to repay creditors and suppliers.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Evergrande set to unveil offshore debt restructuring proposalChina Evergrande Group is set to unveil on Wednesday a restructuring proposal for its $22.7 billion offshore debt that could set the template for distressed peers and shape investor sentiment towards the country's embattled property sector. it still exists Pay or pay. A bankrupted company's debt becomes a bankrupted company's share? Seems become worse.
Source: Reuters - 🏆 2. / 97 Read more »
China Evergrande offers bond and equity swaps in debt restructuringChina Evergrande Group on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals and shape investor sentiment on the country's embattled property sector. Hasn't Evergrande collapsed yet? It's been foreseen by MSM for at least 2 years now. Even though it was not expected by MSM, Credit Suisse and SVB collapsed but I still trust MSM 100% 🫡
Source: Reuters - 🏆 2. / 97 Read more »
China property stocks fall after Evergrande debt revamp planChina Evergrande Group's long-awaited offshore debt restructuring proposals failed to address investor concerns about the property sector's prospects, sending shares of rival developers lower on Thursday.
Source: Reuters - 🏆 2. / 97 Read more »