Evergrande defaults on $1.2B in foreign bonds!

[covertbriar]

Beijing — Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch Ratings agency said Thursday, as contagion spreads within the country's debt-ridden real estate sector. China's government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real estate firms as well as rampant consumer speculation.


Companies that had accrued huge debt to expand suddenly found the taps turned off and began struggling to complete projects, pay contractors and meet both domestic and foreign repayments.

Real estate behemoth Evergrande has been the highest profile firm embroiled in the crisis, struggling for months to raise capital to pay off $300 billion in debt.

On Thursday, Fitch confirmed the company had defaulted for the first time on more than $1.2 billion worth of bond debt, as it downgraded the firm's status to a restricted default rating.

More at https://shrtcô.de/CNpeIw (scroll down to read)

 

[laksaboy]

Singapore's Temasek to Keep Investing in China Selectively​

https://www.bloomberg.com/news/vide...emasek-to-keep-investing-in-china-selectively

Time for GST to hit 20%.

 

[BigBlackCock]

well done CCP, keep the good work

 

[syed putra]

So local bonds they pay or else ends up in jail, foreign bonds they dontch pay, so new york snd london suffers.

 

[winners]

So local bonds they pay or else ends up in jail, foreign bonds they dontch pay, so new york snd london suffers.

This is the risk for foreigners to invest into China. That's why when we sell our machines to China, we have to mark up at least 40% because we know very well that they will likely to default on the last 10% to 15% of the balance payment by giving all sorts of crap reasons to say that your machines are not performing up to expectation. And if you were to go to arbitration, it will have to be only in their own Chinese court and judicial, which you will have ZERO chance of winning your case.

 

[gingerlyn]

中国土匪。我说的一点也没错

 

[syed putra]

This is the risk for foreigners to invest into China. That's why when we sell our machines to China, we have to mark up at least 40% because we know very well that they will likely to default on the last 10% to 15% of the balance payment by giving all sorts of crap reasons to say that your machines are not performing up to expectation. And if you were to go to arbitration, it will have to be only in their own Chinese court and judicial, which you will have ZERO chance of winning your case.

Thanks for the warning. I thought it only occurs in india.

 

[Filloz]

Evergrande rips foreigners off $1.2bn???
Olivia Lum and Simon Tay ripped locals for double that amount.

 

[Loofydralb]

Singapore's Temasek to Keep Investing in China Selectively​

https://www.bloomberg.com/news/vide...emasek-to-keep-investing-in-china-selectively

Time for GST to hit 20%.

I will rephrase that:

Singapore's Temasek to Keep Throwing Away Money in China Selectively​

 

[winners]

Thanks for the warning. I thought it only occurs in india.

My experience with India is that they are very autocratic and calculative. When I go through with them on the packing list, they will scrutinize each and every item thoroughly, including the number of those common screws and washers that have been supplied. I told them that these are very low cost items and we don't want to waste time to count them thoroughly, but they will insist on it.

On the other hand, with my Taiwanese customers, they will even take the initiative to tell me not to waste time and to ignore about those screws and washers as they told me that they can get them locally as these are common and cheap items.

 

[Oracle]

My experience with India is that they are very autocratic and calculative. When I go through with them on the packing list, they will scrutinize each and every item thoroughly, including the number of those common screws and washers that have been supplied. I told them that these are very low cost items and we don't want to waste time to count them thoroughly, but they will insist on it.

On the other hand, with my Taiwanese customers, they will even take the initiative to tell me not to waste time and to ignore about those screws and washers as they told me that they can get them locally as these are common and cheap items.

They are best at their work, such as FX money changer, everyday practicing bangali mathematics

 

[vamjok]

strange stocks still all time high. guess it will lack a few days behind. lets see. waiting for great singapore sales