NEW YORK, Sept 22 — China Evergrande Group, once China’s top-selling property developer, inched closer to a key deadline where it risks a default on its bonds, but world markets were calmer as investors and analysts played down the threat of its troubles becoming the country’s “Lehman...
NEW YORK, Sept 22 — China Evergrande Group, once China’s top-selling property developer, inched closer to a key deadline where it risks a default on its bonds, but world markets were calmer as investors and analysts played down the threat of its troubles becoming the country’s “Lehman moment.”
A major test for Evergrande comes this week, with the firm due to pay US$83.5 million in interest relating to its March 2022 bond tomorrow. It has another US$47.5 million payment due on September 29 for March 2024 notes. As investors and policymakers around the world tried to assess the potential fallout, Securities and Exchange Commission chair Gary Gensler said the US market is in a better position to absorb a potential global shock from a major company default than it was before the 2007-2009 financial crisis.
S&P Global Ratings said on Monday it believed the Chinese government would only act in the event of a far-reaching contagion posing systemic risks to the economy. Citigroup Inc subsidiaries serve as trustee and payment agent for a China Evergrande bond that matures in March 2022 and has US$83.5 million in interest coming due tomorrow.
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