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Investors Brace For Monday Opening Amid Evergrande Looming Default

“The risks of Evergrande Group are mainly due to its own poor management and blind expansion” said China’s Central Bank.

“The short-term risks of individual real estate companies will not affect the normal financing function of the medium and long-term market,” it added.

“In light of the current liquidity status of the Group, there is no guarantee that the Group will have sufficient funds to continue to perform its financial obligations,” Evergrande said after markets closed on Friday

“There is no guarantee that the Company will be able to meet the repayment obligations under the Existing Notes at maturity,” said on Friday Kaisa, a large property developer in China.

China Aoyuan, the Guangzhou-based developer said on Thursday that it had not yet made payment on the $651 million in principal demanded by its unnamed creditor, nor had it reached an agreement to find an alternative settlement.

“At the request of Evergrande Real Estate Group Co., Ltd., the People’s Government of Guangdong Province agreed to send a working group to Evergrande Real Estate Group Co., Ltd. This is a powerful measure to promote enterprise risk management, supervise and effectively strengthen internal control management, and maintain normal operations. We support this,” China’s central bank said.

China’s property prices fell 0.2% in October, the biggest drop since 2015 when China had a recession, at least for investments, as the Shanghai stock market crashed that year while property prices dropped by 5% year on year.

China still announced that in both 2015 and 2016, at the depth of this crash, they had growth of some 6%, but some officials even in China have raised questions regarding the veracity of their GDP data.

Year on year property prices in China as of Oct 2021

Hui Ka Yan (pictured in 2016), the billionaire chairman of Evergrande, has gone so far as to sell even his own personal assets to meet the $300 billion debt obligations...

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