For the third time in three weeks, Chinese developer Evergrande, the most indebted in the world, has not honored the interest payment due Tuesday.
The real estate giant, weighed down with a record debt of $ 300 billion, should have paid $ 148 million in interest on bonds.
See also
Evergrande sells its shares in a bank to bail out
The difficulties of the construction group on the verge of bankruptcy have been giving markets a cold sweat, particularly in Asia, since August.
The concerns extend to the entire real estate sector of the Middle Kingdom, the mainstay of growth, fueled by mountains of debt.
On Tuesday, another promoter, Sinic, warned he could not pay off a $ 250 million loan "
due to lack of cash
."
This announcement came the day after the departure of two directors of a third group in the sector, Fantasia, which is also struggling to repay its debts.
A risk of escalation according to the IMF
"
I think the authorities have the means to manage the situation,"
Tobias Adrian, director of the capital markets department at the International Monetary Fund (IMF), told Reuters.
Adrian, head of the IMF's report on financial stability published Tuesday, judges that China has the budgetary means and "
legal and institutional tools
" to deal with the situation.
The senior IMF official believes that "
for the moment, the contagion is contained
".
See also
China: another real estate developer unable to repay a loan
In its report, the IMF does not rule out the risk of escalation, which would have economic and financial repercussions for China, even globally in the worst case scenario.
The Beijing authorities are encouraging public companies to buy parts of the Evergrande group without the results of these transactions being clear.
