{"id":4497,"date":"2023-09-26T06:44:08","date_gmt":"2023-09-26T04:44:08","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=4497"},"modified":"2023-09-26T06:44:08","modified_gmt":"2023-09-26T04:44:08","slug":"evergrande-crisis-worsens-as-defaults-pile-up","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=4497","title":{"rendered":"Evergrande crisis worsens as defaults pile up"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"auto\">The crisis at China Evergrande Group deepened on Monday after its mainland unit said it was unable to repay onshore bonds, adding a new layer of uncertainty to the developer&#8217;s future as a restructuring plan with its offshore creditors remains in limbo.<\/p>\n<p>The builder at the center of China&#8217;s developer crisis said its subsidiary Hengda Real Estate Group Co. defaulted on its 4 billion yuan ($547 million) principal debt plus interest due Sept. 25.<\/p>\n<p>In March, Hengda\u00a0missed\u00a0an interest payment on the\u00a05.8% yuan bond\u00a0issued in 2020, and said it would \u201cactively\u201d negotiate with bondholders to find a solution, a promise it reiterated in Monday\u2019s statement.<\/p>\n<p>Evergrande has less and less time to restart restructuring after setbacks in recent days raised the risk of a possible liquidation.<\/p>\n<p>The company canceled meetings with key creditors at the last minute, faced detentions from its cash management unit and failed to meet regulator requirements to issue new bonds.<\/p>\n<p>The latest item is a major blow to a planned restructuring of at least $30 billion in offshore debt that would have required creditors to swap defaulted bonds for new securities.<\/p>\n<p>Evergrande shares fell 25% on Monday.<\/p><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The crisis at China Evergrande Group deepened on Monday after its mainland unit said it was unable to repay onshore bonds, adding a new layer of uncertainty to the developer&#8217;s future as a restructuring plan with its offshore creditors remains in limbo. The builder at the center of China&#8217;s developer crisis said its subsidiary Hengda [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-4497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-issues"],"_links":{"self":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4497"}],"version-history":[{"count":0,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/media\/4498"}],"wp:attachment":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}