2021-11-11 12:17:32
Evergrande officially defaulted
DMSA is preparing for bankruptcy proceedings against Evergrande Group.
China Evergrande Group today again defaulted on interest payments to international investors. DMSA itself is invested in these bonds and has not received any interest payments until today’s end of the grace period. Now DMSA is preparing for bankruptcy proceedings against Evergrande and calls on all bond investors to join it.
China Evergrande Group, the second-largest real estate developer in China, defaulted on interest payments on two bonds back in September, with the 20-day grace period still ending in October. However, shortly before the end of the grace period, the public was misled by rumors about alleged interest payments. The international media also took the rumors for granted. Only the DMSA - Deutsche Marktscreening Agentur (German Market Screening Agency) already recognized the default at that time and proved in a study that the bankruptcy of Evergrande, the world's most indebted corporation, could ultimately lead to a
“Great Reset”, ie. the final meltdown of the global financial system.
“But while the international financial market has so far met the financial turmoil surrounding the teetering giant Evergrande with a remarkable basic confidence - one can also say: with remarkable naivety - the U.S. central bank Fed confirmed our view yesterday,” says DMSA senior analyst Dr. Marco Metzler.
“In its latest stability report, it explicitly pointed out the dangers that a collapse of Evergrande could have for the global financial system.”
To be able to file for bankruptcy against the company as a creditor, DMSA itself invested in Evergrande bonds, whose grace period expired today (Nov. 10, 2021). In total, Evergrande would have had to pay $148.13 million in interest on three bonds no later than today.
“But so far we have not received any interest on our bonds,” explains Metzler. He adds,
“With banks in Hong Kong closing today, it's certain that these bonds have defaulted.”
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16 viewsSergey Golubev, 09:17
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