Evergrande defaults ( Chinese Property Firms Default $1.6 billion worth of bonds)

Beijing — Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch Ratings agency said Thursday, as contagion spreads within the country’s debt-ridden real estate sector. China’s government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real estate firms as well as rampant consumer speculation.

Real estate behemoth Evergrande has been the highest profile firm embroiled in the crisis, struggling for months to raise capital to pay off $300 billion in debt.

On Thursday, Fitch confirmed the company had defaulted for the first time on more than $1.2 billion worth of bond debt, as it downgraded the firm’s status to a restricted default rating. Fitch also confirmed Kaisa, a smaller property company but one of China’s most indebted, had also defaulted on $400 million of bonds.

Last month it missed its first foreign bond repayment but there was a 30-day grace period attached. That ran out on Tuesday with some bond owners complaining they had yet to be repaid.

Questions have swirled over whether Evergrande is simply too big to be allowed to fail, given its collapse could send shock waves through the wider Chinese — and even the global economy.

In other words, this could spell disaster for the entire global economy further complicating a post COVID crisis that conjures up a perfect storm coming.

I wonder how many are paying attention to what is actually happening. This guys knows.

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More US tax dollars for a" to big to fail " Communist Chinese company. Look for Joe and Hunter to donate.Let them fail from the mismanagement.

Take time to really watch the videos, there is a much bigger paradigm shift going on here. China is going to suck the US into their debt crisis. Secondly its all a smoke screen in order to push Government sponsored Digital currency in order to control all of commerce. The second video I posted is a warning for people like you and me to learn about alternative ways to use independent sources such as block chain in order to barter. This is were we are heading. Getting rid of cash is their end game.

Maybe it’s time China stop paying the Biden’s for books (10 million) and water coloring by Hunter at $500,000 a crack - crack did you just hear Hunter gasp ? :rofl: :rofl: :rofl: :rofl: :rofl: