“Overall We Can Contain the Evergrande Risk” Says China’s Central Bank But What About Other Companies, Banks and Government Risks?
The Evergrande solvency crisis in China continues as well as solvency issues with other companies, banks, and local governments. Nothing has changed.
MSN Money reported earlier today:
The Evergrande Group found its plan to sell a majority stake in its property services unit to Hopson Development delayed after failing to gain approval from the Guangdong provincial government overseeing the company’s restructuring, according to Reuters.
This keeps Evergrande, the world’s most indebted property developer, facing dues of over $300 billion, away from the $2.6 billion it would have earned from the deal in wake of a Saturday deadline on the 30-day grace period following its missed bond payment in September.
Along with this shelved deal,
