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The Chinese state ready to take over the over-indebted Evergrande group

2021-12-07T18:17:51.300Z

Representatives of the public sector have been tasked with restructuring the colossal debt of the real estate empire.



Above all, do not panic.

This is the message sent, almost simultaneously in recent days, the Chinese Central Bank, the policeman of the banking sector and that of the Stock Exchange about Evergrande, on the verge of bankruptcy.

And in fact, despite news that, a few weeks earlier, could have shaken the financial markets, the Hong Kong Stock Exchange ended Tuesday's session up 2.7% while the Evergrande share gained 1% after having slipped. 20% the day before.

The information that should have or could have worried is that this time, Evergrande, the real estate empire weighed down by a pharaonic debt of 300 billion dollars, does indeed appear to be in default on a due date.

The company was to repay $ 82 million in interest to foreign creditors.

As of Tuesday afternoon, after a thirty-day grace period expired, there was no record of payment according to Bloomberg and the

Financial Times

.

To read also

250 billion debts: the fall of the Chinese giant Evergrande

Since this summer, the difficulties of the Shenzhen giant

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Source: lefigaro

All business articles on 2021-12-07

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