Loading ...Evergrande Denies Rumors Of Bankruptcy As Crisis Boils Over, Social Unrest Breaks Out Across China
China Evergrande Group, the largest and most indebted, and certainly most insolvent property developer in China, is – together with its $300+ billion in debt – rapidly approaching its “China moment.”
Five days after reports of a technical default at Evergrande, which slammed China’s property market and sent Chinese junk bond yields to the highest level since March 2020, the company took the unprecedented step of publishing a statement on its website, according to which it is “indeed facing unprecedented difficulties but it firmly fulfills responsibilities.” The company added that it will go all out to resume work and production, ensure to deliver buildings, do everything possible to restore normal operations, and protect the legitimate rights and interests of customers.