Evergrande has been in the news recently for most of the wrong reasons and the Chinese company edges closer to a massive restructuring, Beijing has stepped up efforts to limit the fallout, signaling it’s willing to prop up healthy developers, homeowners and the real estate market at the expense of global bondholders.
Subscribe to our newsletter
In the last week alone, Chinese authorities have dispatched top financial regulators to nudge the country’s massive banks to ease credit for homebuyers and support the property sector. They also bought out part of Evergrande’s stake in a struggling bank to limit contagion. The central bank meanwhile has pumped 790 billion yuan ($123 billion) into the financial system over 10 days to ease liquidity.
The moves underscore that China will do everything it can to ring-fence Evergrande, while showing little interest in a direct bailout of the developer that has roiled global markets for weeks. That doesn’t bode well for bondholders — both onshore and abroad — looking for some kind of rescue from the Chinese government.
To read more on the story click here
Vaccination Mandates are Here to Stay: All International Travellers to the US from Nov 8th Required to be fully Vaccinated
Nokia and TPG Telecom deploy Asia Pacific’s first live 5G femtocell
Facebook Continues to Rise and this is Why
Covid-19 on the Decline in South Africa: Lockdown Level 2 imminent, with new curfew, booze and gathering rules expected
Insight into South African Entrepreneur
Counting the Cost of the South African Riot: Food Shortage is Here
Economy1 month ago
White Striping Disease Hits 99% of U.S. Supermarket Chicken, Study Finds
Global1 month ago
iPhone 13 is Here: Apple Launches iPhone 13 With Camera, Chip and Screen Upgrades
News1 month ago
A Blow to “Thuma Mina” as Study Shows Corruption ‘worsening’ during Ramaphosa’s tenure
Covid-191 month ago
Vaccinated Foreigners Welcome to the U.S.