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BlackRock, HSBC among largest buyers of Evergrande debt: Morningstar By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: A sign advertising the China Evergrande Centre can be seen in Hong Kong. August 25, 2021. REUTERS/Tyrone Siu/File Photo

By David Randall

NEW YORK (Reuters) – Fund giant BlackRock (NYSE:) and investment banks HSBC and UBS were among the largest buyers of the debt of embattled Chinese real estate developer Evergrande Inc, Morningstar data shows.

Morningstar reports that BlackRock bought 31.3million Evergrande debt notes from Evergrande between January and August 2021. It increased its stake to 1% of its assets in its Asian High Yield Bond Fund ($1.7 billion), according to Morningstar.

According to Morningstar, HSBC increased its position in the company by 40% between January and August 2021. UBS’ position increased by 25% between May and the most recent date in fund tracker’s database.

This story was not confirmed by any of these companies.

Morningstar reported that other fund companies such as Fidelity and Pimco (DE:), reduced their stakes in the company up to 47% during January and July.

Global markets have been rattled by fears Evergrande could default on $305 billion worth of liabilities. Investors fear that the downturn in China’s property market may spillover into the global economy.

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