Having sold its Gulfstream Jets, dumped assets (at fire-sale prices), and seen its CEO forced to pledge his Hong Kong mansion as collateral for a loan , it appears – as we warned yesterday – that time is up for Evergrande bond (and stock) holders.
Specifically, offshore (dollar) bondholders did note receive coupon payments by the end of a 30-day grace period, pushing the cash-strapped property developer closer to formal default.
And after this missed payment, there are billions more coming due… and soon ($300 billion in total liabilities) S&P says it continues to believe that a default by the Chinese […]
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