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Dealing with debt: a time line of how Hui Ka-yan’s Evergrande landed back in crisis mode with the world’s heaviest debt load
- The clock is ticking for China’s most indebted property developer to find its way out of a looming credit crunch
- In August alone, China Evergrande Group has endured multiple credit-rating downgrades that sent its stock and bonds tumbling
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The clock is ticking for China’s most indebted developer to find a way out of a looming credit crunch.
This month alone, China Evergrande Group has endured multiple credit-rating downgrades that sent its stock and bonds tumbling, only to see them recover briefly after it confirmed talks to sell some prized assets and as creditors extended liquidity relief to help it pay overdue bills.
Here’s a look at other key events over the past few months that have sent Evergrande investors on a wild ride:
August 12
China’s central government instructed authorities in Guangdong province to map out a plan to manage Evergrande’s debt problems. At least three major creditors agreed to give the developer extensions on some project loans.
August 11
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