Finding $83.5 Million

Finding $83.5 Million

Evergrande found $83.5 million. With just days to go before the grace period on a missed September interest payment lapsed, the company wired the money to noteholders, who were set receive funds before Saturday. As late as Thursday, the market assumed the company wouldn't make the payment, possibly triggering cross-defaults. The news was a short-term fillip to Chinese junk bonds, but Evergrande is still a zombie -- "living dead" as one analyst put it Friday. The simple figure (below) gives yo
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2 thoughts on “Finding $83.5 Million

  1. Xu Jiayin was persuaded to contribute, perhaps? It is interesting that the sale to Hopson fell apart, because Hopson is insisting the deal is binding. Perhaps Xu has decided to unwind the development business and keep the management business.

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