China's Evergrande has bought itself a lifeline by agreeing to make a $36 million dollar interest payment due to domestic lenders on Thursday. That was enough to calm global markets that have been rocked this week by the Chinese property giant's debt crunch. And more importantly, it buys Evergrande some time to find a way out of a full-on collapse that could wreak havoc on the Chinese economy.
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#Evergrande #China #default
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#Evergrande #China #default
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Francisco Gimeno - BC Analyst Evergrande is too big to fall, so reassuring investors of payments is urgent to avoid a possible massive default. Chinese financial authorities are probably behind this, to make sure there is tranquility and not FUD news. Now is time for urgent measures, but China needs to probably reestructure the whole property development market as soon as it's possible to avoid other Evergrande.