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China preparing for Evergrande’s downfall

by Mike Robinson

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© Reuters. China Evergrande Centre sign seen in Hong Kong (China) September 23, 2021. REUTERS/Tyrone Siu

(Corrects typographical error in headline)

(Reuters) – Chinese authorities are asking local governments to prepare for the potential downfall of debt-ridden China Evergrande Group, the Wall Street Journal reported on Thursday, citing officials familiar with the discussion.

China’s second largest property developer has $83.5million in interest payments on Thursday for a $2B offshore bond. Next week, a $47.5M dollar-bond payment interest payment is due.

If Evergrande does not settle interest in the due time, both bonds will default.

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