Evergrande crisis deepens
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Chinese real estate behemoth Evergrande Group is inching closer towards default, leaving investors worried. The company, which was to make a coupon payment to a few investors by Thursday, missed the deadline. What is worse is that it has not made any announcement regarding its future payment plans.</p>
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Quoting unnamed investors, <a href="https://asia.nikkei.com/Business/Markets/China-debt-crunch/China-Evergrande-misses-bond-payment-deadline">Nikkei Asia</a> said that the deadline of midnight New York time had passed without any notice from Evergrande. However, the company has a 30-day grace period to send the funds before it is officially in default.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/economy-news/will-the-crisis-in-real-estate-giant-evergrande-trigger-china-s-lehman-brothers-moment-116205.html">Will the crisis in real estate giant Evergrande trigger China&rsquo;s Lehman Brothers moment?</a></strong></p>
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The news organization noted that Thursday coupon payment deadlines were the first for Evergrande &ldquo;since the company warned earlier this month that it might default on its debts if it fails to attract new investors or sell assets.&rdquo;</p>
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<a href="https://www.reuters.com/world/china/china-evergrande-bondholders-limbo-over-debt-resolution-2021-09-24/">A Reuters report</a> said that 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 discussions. According to reports, the authorities have asked local governments to come into a rescue mode only at the last minute.</p>
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While the Evergrande debt crisis has led to many comparing the current situation with the Lehman Brothers crash, analysts said that a lot would depend on how the government&rsquo; deals with this problem.</p>
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The possible Evergrande default has already triggered a massive real estate crisis in China.</p>
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