Two weeks ago The Gateway pundit warned that Evergrand was preparing for bankruptcy.
Chinese real estate Hong Kong behemoth ready to go bankrupt – is this the beginning of a huge Chinese real estate disaster?
The problem is that the Evergrand is five times the size of the Lehman Brothers, which became famous in the United States in 2008.
September 7, Zerohead shared:
As Algos futures and global stocks continue to follow the upward momentum, the biggest – if largely ignored story – continues to fall. “Lehman of China“, The + 300+ billion China Evergrand, where following our previous reports (see below) that a bank run emerged as its bond among the biggest and most hated Chinese developer bond payers After the repo downgrade, there were no more securities in the repo marketOn Monday, the defeat turned from bad to catastrophic as various Evergrand bonds crashed into a liquidation frenzy, prompting Chinese stock exchanges to stop trading.
The Shanghai Stock Exchange said in a statement that it had temporarily suspended trading in 6.98% of China Evergrand Group’s July 2022 corporate bonds due to “unusual fluctuations”. The exchange also suspended bond transactions on Friday. Tether’s commercial paper may be Chinese and it is one of the largest commercial paper merchants in existence.
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The U.S. stock market fell nearly 500 points on Monday as fears of an evergreen rise.
Shares of ailing Chinese developer Evergrand fell on Monday (September 20th).
The stock closed down about 10%, reaching an 11-year low.
Investors are increasingly annoyed at the prospect of a chaotic fall.
Evergrand’s liabilities have been reduced by 30 305 billion.
Executives are scrambling to pay off many of its donors, suppliers and investors, some of whom have gone to the company’s headquarters to demand their money back.
According to Reuters sources, one of the main donors has provided loans to the company.
Some credit recipients are reportedly giving more time to pay it off.
On Sunday (September 1), the company said it was returning investors to its asset management products with real estate.