Evergrande a growing problem in China

Troubled Chinese company Evergrande failed to pay the $69 million owed to its bondholder this week, bringing the company’s potential collapse one step closer.

Evergrande is China’s biggest developer of units but most of them lay empty, even as it has 800 projects underway in 200 cities.

Under new laws in China, Evergrande was stopped from taking on new debt as the company already owed US$300 billion.

Evergrande has not paid its contractors, prospective owners faced losing their money, and projects were stopped.

Last week, an $86 million payment was due but China’s reserve bank made extra funding available to the company but there are more deadlines ahead.

[natashaebzeeva]

The irony! Not so Grande and not for Ever after all.

[killmozzies]

There's something very satisfying about watching Pooh Bear's empire crumble.

[oldwrench]

The repercussions of this are now about to begin. This will be fun to watch!

[dab]

Everything they build falls apart within a year...

[davidcolon]

It seems they double down on sub prime loan scheme.

[hydrosapien]

And in Australia our governments are becoming a problem. Keep ya nose outa other countries affairs and focus on our back yard, fix Australia..

[stelltame]

If you have not purchased physical gold snd silver what are you waiting for??? The Perth Mint has already stopped accepting cash. They know what is coming. Bank and Mint runs!!!

[susanm]

This affects us all. China will sell its investments in other countries. This is not good, our economies are interconnected.

[unvaccinatedAndPureBlood]

Evergrande misses second offshore bond payment

[respectothers]

Total debt held by Australian governments will more than double from pre-pandemic levels to a record $2 trillion, and peak above 80 per cent of gross domestic product by 2024-25, according to global investment bank UBS.

[guyfawkes]

I wonder how many shares dim sum Dan has in this company. 🤔 Also the same company that help clean Australia out of PPE at the start of the virus. Loading planes loads and sending in back to China .

[songnianzhang]

As your wish, China really collaspes this time! Bravo!

[shyamchabra]

Above all else...real estate in Australia was kept afloat by Chinese money. What happens now?

[kimberleygirl]

There’s always a ripple effect. HSBC bank in Europe has serious issues with Evergrande….could ripple on.

[MrDive]

How many of our Australian local/state governments and super funds have cash parked in some of these global bonds? China is the gift that keeps giving.

[reallife]

This is only a small part of what is happening!!!!

[Umtree]

You want to know who is more fu-ked than this company ?
…… Me
Stuck in a rent trap with kids….probably forever.

[bludeuce]

its only a matter a time until Evergrande collapses completly

[ManuelPinner]

I Love this, Our Lord Yeshua have Broken Their Staff of Gold!

[UnknownUser-scjx]

China has bigger problems, half of China is with out power rolling blackouts not enough energy stores and winter is coming 🥶😂