Evergrande the worlds most indebted property developer is crumbling under the weight of more than 300 billion of debt and warned more. A looming default by Chinese property developer Evergrande.
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Shares in Evergrande 3333HK which has been scrambling to raise funds to pay its many lenders suppliers and investors closed down.
Evergrande. Evergrande needs to pay a 232 million yuan 36 million coupon on an onshore bond the same day. Evergrande is everywhere. Its main business is in real estate and its Chinas second-largest property developer by sales.
It is the non-COVID non-inflation risk that has been lurking in the global backdrop for months. The developers stock sank by as much as.
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