Trading of Evergrande Shares HALTED As Ponzi Collapse Spreads, Bond Holders Left As Bag Holders
by: Ethan Huff (Natural News) A few days ago, the Chinese government halted all trading of Evergrande (HKG:03333) stock, claiming that the move is necessary in order to “restructure” the failing developer. Massive overleveraging resulted in a partial collapse of the stock before the government quickly intervened to “save” it, effectively kicking the can down the road and […]
Default Of Second Chinese Developer Sparks China Junk Bond Meltdown As Contagion Explodes
BY Tyler Durden | ZeroHedge As we expected, Evergrande is only the first cockroach. With the world waiting to find out the fate of a $260 million bond issued by Jumbo Fortune Enterprises which is guaranteed by Evergrande, and which has no grace period so an event of default could take place as soon as this week (the […]
China Syndrome? Is Evergrande A Symptom Of Deeper Malaise
BY Tyler Durden | ZeroHedge Authored by Bill Blain via MorningPorridge.com, Evergrande’s imminent default is rocking markets – but few believe the collapse of a Chinese property developer could trigger a global financial crisis. What if Evergrande is just a symptom of a deeper malaise within the Chinese economy and its political/business structures? Maybe there […]
Eight Bond Deals Pulled On Evergrande Contagion
BY Tyler Durden | ZeroHedge After a record post-Labor day bond offering frenzy, and a September calendar which has seen $104BN in IG debt issuance to date, and which Goldman believed (as of last week) will rival the monthly totals of 2019 and 2020… … the mood has soured sharply, and on Monday, at least eight investment-grade […]
The Ultimate Contagion: China Sovereign Risk Is Starting To Blow Out
BY Tyler Durden | ZeroHedge “Something historic will happen this week” was how we started to explain the process by which the collapse of Evergrande could spread contagiously across the world this week. One glance at global markets this morning suggests, at a minimum, that risk is being de-grossed across everything from European utilities to cryptos to US materials stocks. […]
Six Evergrande Execs Face ‘Severe Punishment’ Over Early Redemptions For Themselves
BY Tyler Durden | ZeroHedge Six senior Evergrande executives are facing “severe punishment” for securing early redemptions for themselves on investment products which the imploding Chinese real estate giant told retail investors they couldn’t repay on time. According to the Financial Times, over 40 group executives had personally invested in its investment products – with six of them securing early […]
Hong Kong Stocks Crash, Futures Slide As Markets Finally Freak Out About Evergrande Default Contagion
BY Tyler Durden | ZeroHedge Well, as we warned, the Evergrande contagion has finally arrived and with China closed for holiday traders are getting out while they can and where they can, and on Monday morning in Asia that means Hong Kong, where Evergrande – which is about to default – has crashed by another […]
China’s “Lehman Moment” Arrives On 13th Anniversary Of Lehman Bankruptcy: Beijing Tells Banks Evergrande Won’t Pay Interest
BY Tyler Durden | ZeroHedge Yesterday, when covering the non-stop drama surrounding China’s most insolvent property developer, Evergrande, we said that it would be remarkably ironic if Evergrande were to announce a default – which everyone knows is coming – today, on the 13th anniversary of Lehman’s bankruptcy filing on Sept 15, 2008. Evergrande […]
China Yuan Swaps Soar Amid Fears Evergrande Default Will Lead To Liquidity Crisis
BY Tyler Durden | ZeroHedge The initial contagion from the upcoming default of Evergrande, which after the company’s hiring of bankruptcy advisor Houlihan Lokey is just a matter of days, is starting to emerge. China’s one-year onshore swap curves surged to the highest in almost four years, signaling market worries over liquidity shortage on potential default […]
Endgame Begins: Evergrande Hires Bankruptcy Advisors As Furious Investors Protest Imminent Default
BY Tyler Durden | ZeroHedge It took Evergrande less than a day to go from denying “rumors” of bankruptcy (as per a statement posted on its website earlier today), to confirming that a bankruptcy is imminent. In a filing on the Hong Kong stock exchange on Tuesday, Evergrande which was busy trying to convince angry Chinese mobs that […]
