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EVERGRANDE MAKES ANOTHER LAST MINUTE INTEREST PAYMENT AFTER SELLING PRIVATE
JETS, PLEDGING CHAIRMAN’S MANSIONS

Home News Evergrande Makes Another Last Minute Interest Payment After Selling
Private Jets, Pledging Chairman’s Mansions
News
November 10, 2021November 10, 2021By Survivalnomics
0 0

Heading into today, the fate of China’s insolvent property giant, Evergrande,
was once again uncertain, with Reuters reporting earlier today that some
bondholders of the cash-strapped company had still not received coupon payments
by the end of 30-day grace periods at close of Asia business on Wednesday,
pushing the developer again to the edge of default. This despite the company
recently selling two of its Gulfstream private jets, and despite a report from
Hong kong’s HK01 media that Evergrande Chairman Hui Ka Yan had pledged a second
house on the peak in Hong Kong as collateral to Orix Asia Capital for a loan.

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Evergrande has been stumbling from deadline to deadline in recent weeks as it
grapples with more than $300 billion in liabilities, $19 billion of which are
international market bonds. While the company had not defaulted on any of its
offshore debt obligations, a 30-day grace period on coupon payments of more than
$148 million on its April 2022, 2023 and 2024 bonds ended on Wednesday. A
failure to pay would result in a formal default by the company and trigger
cross-default provisions for other Evergrande dollar bonds, exacerbating a debt
crisis looming over the world’s second-largest economy.

And then, just as speculation swirled that today would finally be the day
Evergrande collapsed, the insolvent debtor looked once again set to avert a
default in its biggest test since the property developer’s debt crisis began.

According to Bloomberg, customers of international clearing firm Clearstream
received overdue interest payments on the three U.S. dollar bonds issued by
Evergrande, a spokesperson for Clearstream said. Two investors that hold two of
the bonds confirmed that they received the payments, asking not to be identified
because they weren’t authorized to speak publicly.



The latest payment means that the embattled developer once again made overdue
coupon payments totaling $148.1 million to offshore creditors literally minutes
before the end of 30-day grace periods on Wednesday, after missing the initial
interest deadlines last month.

The property giant pulled back from the brink of default in October by paying
other coupons before the end of its grace period.

However, with billions in coupons and maturities due in coming months, the
crisis at Asia’s largest junk bond issuer is hardly over, as it grapples with
more than $300 billion in liabilities.



Countless other developers have also fallen into distress amid a crackdown on
speculation and leverage following years of debt-fueled expansion.  A string of
defaults and downgrades in the property industry in recent weeks pushed yields
on junk dollar bonds from Chinese issuers to the highest in at least a decade
over 24%. The contagion has even spread to other areas of the credit market,
including investment grade companies that were previously seen as untouchable by
panicked sellers.

On Monday, two holders of other dollar notes sold by a unit of China Evergrande
said they hadn’t received payment for coupons that were officially due Saturday.
Both of those coupons also have a 30-day grace period before any missed payment
would be considered a default

Authorities have sought to limit the fallout from the wider property market
distress, with the central bank injecting liquidity into the financial system.

Separately, Chinese developers’ bonds and stocks rallied sharply Wednesday after
the Securities Times said authorities are likely to loosen controls for the
nation’s real estate companies to issue local-currency notes, part of efforts to
prevent a further deterioration in their financing. Later in the day, the New
York Times reported that the Chinese central bank is considering easing rules to
let struggling developers sell assets to avoid defaults, the New York Times
reports, citing unidentified people with knowledge of the discussions.

The People’s Bank of China is considering allowing the buyers of assets from
financial strained property firms to take over the assets without having the
projects’ associated debt affect their own debt ratios; the buyers would likely
be state-owned firms. Current rules, put in place last year, are so strict that
they have hindered the ability of developers such as China Evergrande to sell
assets to pay debts.

As for Evergrande, this time the company may have made a payment but creditors
shouldn’t expect that these piecemeal payments will continue: as the WSJ
reported, the Chinese state is quietly dismantling the giant developer slowly
and behind the scenes:

> The plan, according to people familiar with the matter and official government
> statements, is to manage a controlled implosion by selling off some Evergrande
> assets to Chinese companies while limiting damage to home buyers and
> businesses involved in its projects.
> 
> Chinese authorities must do this without bringing down the country’s epic
> property boom. Evergrande is struggling to manage roughly $300 billion in
> liabilities, including close to $20 billion in outstanding U.S. dollar bonds.

Looking out for foreign investors isn’t a priority, WSJ sources citing people
familiar with the matter perhaps because replacing one set of broke creditors
with another set of soon to be broke creditors would be too much irony even for
China. Still, Beijing is closely monitoring the situation, because authorities
need credit markets to be healthy to prevent other property developers from
failing and because they worry about China’s image, one of those people said.

The bottom line: this will be one drawn out default-cum-nationalization as it
could take years to take the company apart, and many details are still being
worked out, people familiar with the matter say. It’s possible some version of
Evergrande could survive, though it would likely be much smaller.

Much of the work so far has focused on Evergrande’s hundreds of stalled
projects, a process that will likely involve bringing in other developers to
take over.

View Original Source Here
Author: Tyler Durden


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