Infotech Chinese real estate giant Evergrande in default

Chinese real estate giant Evergrande in default

Two Chinese real estate developers, including the heavyweight of the Evergrande sector, have ” fault “ on payments, the rating agency Fitch announced this Thursday, December 9, when their health worries the financial markets.

What is hiding the crisis of the real estate giant Evergrande in China?

Chinese real estate giant Evergrande is strangled by an abysmal debt of around 260 billion euros. He has struggled for several months to honor his interest payments and his apartment deliveries.

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First payment default

On November 6, the group should have paid a repayment on interest in the amount of 82.5 million dollars (73.1 million euros). But he had an additional month’s grace period that ended on Tuesday.

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“No announcement has been made by [Evergrande] or its creditors concerning a reimbursement ”, the rating agency Fitch said on Thursday, assuming the group did “Therefore not paid”.

This is the first payment default for Evergrande which, despite several missed deadlines in September, had hitherto always managed to reimburse its creditors at the last minute.

Kaisa in trouble too

Chinese promoter Kaisa, 27th in terms of turnover but one of the most indebted in China, also made ” fault “ on a refund, according to Fitch.

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Kaisa should have paid a repayment of $ 400 million (353 million euros) owed on loan interest on Tuesday. The group had warned last week that it risked finding itself in default of payment.

Kaisa, which has 17,000 employees, was in 2015 the first Chinese real estate group to be the subject of a default on dollar bonds.

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