"The potential lack of transparency and clarity are leaving investors more skittish and it will be very difficult for people to want to refinance any debt coming due in that particular sector," said Cliff Corso, chief investment officer of Advisors Asset Management.Īn index tracking China's property sector (.CSI000952) dropped 1.53%, against a 1.31% blue-chip share rise (.CSI300). With few clues as to how local regulators propose to contain the contagion from Evergrande, the price of bonds and shares in Chinese property developers slumped again on Friday. The possible collapse of one of China's biggest borrowers has triggered worries about contagion risks in the world's second-largest economy, with other debt-laden property firms hit by rating downgrades on looming defaults. In another development, Evergrande dollar-bond trustee Citi (C.N) has hired law firm Mayer Brown as counsel, a source familiar with the matter, who declined to be named due to the sensitivity of the matter, told Reuters earlier on Friday.Ĭiti and Mayer Brown declined to comment. 16, but had not received any assurance from the developer, demanding more transparency. The advisers for offshore Evergrande bondholders had reached the developer on Sept. creditors, and we really hope that that's not necessary," he added. "And if there is such activity, we will be prepared to take steps to protect the rights and interests of U.S. "Whilst we don't want to overstate this, we are obviously at this point in time preparing contingency plans to ensure that there are no dissipation of assets," McDonald said. REUTERS/Aly Song/File Photo Acquire Licensing Rights A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021.
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