Tuesday, December 07, 2021

NEWS

Chinese company Evergrande pays its debt and avoids bankruptcy

Chinese company Evergrande pays its debt and avoids bankruptcy

Beijing, Oct 22 (Prensa Latina) After months of uncertainty, China's real estate giant Evergrande today paid the interest due on an offshore bond for 83.5 million dollars and thus avoided officially going bankrupt
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Press reports indicate that the firm wrote a check for that amount to its creditors, just one day before the deadline for settling the account.

Evergrande should have made the payment on September 23, but was unable to do so due to its liquidity problems.

Despite the concerns raised by the Evergrande issue, Chinese Vice Premier Liu He indicated that market risks will remain under control and will not greatly affect capital needs.

Likewise, the president of the Central Bank, Yi Gang, commented that only defaults, closure of some construction sites and uncertainty in the timely delivery of homes paid in advance are expected as a result of this case.

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