CHINA EVERGRANDE GROUP (EGRNF)
- Reuters
Explainer-Country Garden: What happens next?
Country Garden's entire offshore debt will be deemed to be in default if China's largest private property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period. A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Its dollar bonds are being bid at below 6 cents on the dollar.
- Yahoo Finance Video
Global growth still 'slow, uneven' while risks on downside: IMF researcher
The International Monetary Fund (IMF) forecasted a slowdown in its global growth outlook and anticipates inflation to remain elevated through 2025 for most central banks. Petya Koeva Brooks, IMF Deputy Director in the Research Department, joins Yahoo Finance's Jennifer Schonberger to discuss the conditions hindering global economic growth, while commenting on the ramifications from global events like the Israel-Hamas conflict's impact on oil prices and China's crackdown on property developers Evergrande (3333.HK, EGRNF) and Country Garden (2007.HK, CTRYF). "We have downgraded our forecast for China and part of that has been due to the impact of the ongoing real estate crisis," Koeva Brooks says. "And the question is, again, to what extent that would have broader implications. We do think the authorities have the necessary tools to handle the ongoing situation." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
- Reuters
Evergrande offshore bondholders surprised by debt restructuring regulatory hurdles
China Evergrande Group's offshore bondholder group said on Monday it was surprised by the property developer's recent announcement that its offshore debt restructuring plan failed to meet regulatory requirements. In a statement, the ad hoc bondholder group said it had not been given any documents or filings from Evergrande despite repeated requests. Evergrande did not immediately respond to a request for comment from Reuters.
