9/23/2021- 9:02 a.m.
“Brace for Possible STORM” – China Readies Local Govts for Evergrande Collapse on Deadline Day (Report)
Beijing appears to be unwilling to bail out construction empire Evergrande, reportedly instructing local authorities to prepare for the worst amidst the group’s battle to survive. (Wall Street Journal)
Chinese authorities have delegated the task of maintaining law and order in the event of Evergrande’s demise, and to help offset the disastrous ripple effect in the job market expected.
Although on Wednesday a deal was agreed over a domestic bond repayment, on Thursday a major offshore repayment deadline is due – and markets are bracing for bad news.
