11/10/2021- 6:58 a.m.
Evergrande DEFAULT imminent – no word as Wednesday $148mn payment deadline looms
After lurching from disaster to catastrophe in recent weeks, Chinese property giant Evergrande may finally be on the brink of formal default as an offshore bond coupon expires on Wednesday.
As of Wednesday evening, Chinese time there had still been no word as to whether they had beaten the 30-day grace period deadline; missing it would trigger its collapse as obligations close in.
Shares in the company rose 3% on Wednesday though as its electric car subsidiary planned to sell $64mn of shares to fund production of green cars.
