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Residential buildings at the City Plaza project, developed by China Evergrande Group, in Beijing, China, on Friday, Aug. 18, 2023.
BloombergEvergrande crisis gets worse. America’s rating is at risk. Bonds fell again. Here’s what people are talking about.
The crisis at China Evergrande Group deepened after the company’s mainland unit said it failed to repay an onshore bond, adding a new layer of uncertainty to the developer’s future as a restructuring plan with its offshore creditors teeters. The builder at the center of China’s property developer crisis said its Hengda Real Estate Group Co. subsidiary defaulted on 4 billion yuan ($547 million) in principal plus interest due Sept. 25. Evergrande is running out of time to get what would be one of China’s biggest-ever restructurings on track again after setbacks in recent days raised the risk of a potential liquidation.