![]() Cash-strapped real estate giant China Evergrande is on the precipice facing a formal default after it was reported some offshore bondholders did not receive coupon payments by the end of a 30-day grace period.įailure to make $82.5 million in interest payments that were due last month would trigger a cross-default on the firm’s roughly $19 billion of international bonds and put the ailing developer at risk of becoming China’s biggest-ever defaulter.Ĭhairman Hui Ka Yan founded Evergrande in Guangzhou in 1996.
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