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Stock Exchange: Hong Kong opens at + 1.3%, new deadlines for Evergrande

2021-10-11T02:30:48.299Z


The Hong Kong Stock Exchange opens in positive territory: the Hang Seng index gains 1.30%, climbing to 25,161.80 points, despite the uncertainties still pending on Evergrande, the second Chinese real estate developer overburdened by 305 billion dollars. debts. (HANDLE)


(ANSA) - BEIJING, OCTOBER 11 - The Hong Kong stock exchange opens positive territory: the Hang Seng index gains 1.30%, rising to 25,161.80 points, despite the uncertainties still pending on Evergrande, the second overwhelmed Chinese real estate developer $ 305 billion in debt.


    The company, whose securities are still suspended pending an "important transaction", has so far failed to pay two coupons on offshore bonds accrued last month (from 83.5 million on 23 September and from 47.5 million on 29 September), while it faces multiple deadlines per week on coupon repayments worth a total of $ 148.1 million, according to Refinitiv data.


    Evergrande's missed deadlines to pay banks, suppliers and retail creditors have led to the suspension of more than half of its 800 projects across China.

The company is looking to sell assets and attract investors.

The crisis in the Shenzhen-based group, coupled with defaults from rivals including Fantasia Holdings, has unnerved investors and spiked the cost of high-yield loans in China.

Evergrande's problems, if not contained quickly, would make a Chinese real estate sector already struggling with a slump in sales even more nervous and could have wider impacts on China's economic growth.

(HANDLE).


Source: ansa

All life articles on 2021-10-11

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