I'm starting to think that, like the poor, defaulted Chinese developers will always be with us.
From Reuters via Asia Financial, July 17:
Analysts expect Evergrande to post steep losses for 2021 and 2022, in which its contracted sales fell to 443 billion yuan ($61.8bn) and 31.7bn yuan ($4.4bn) respectively, versus 723bn yuan ($101bn) in 2020
China Evergrande Group is expected to post long overdue results – significant losses – on Monday for the years 2021 and 2022.
The world’s most indebted property developer defaulted in late 2021 and has been struggling to complete projects and repay its many suppliers and creditors.
After announcing an offshore debt restructuring plan in March, it is now garnering support to complete the process.
With about $300 billion of total liabilities, Evergrande’s debt problem has rippled through China’s property sector, a pillar of the world’s second-largest economy, leading to a string of defaults and uncompleted homes in the country.
Business model may be broken
The market will be looking for updates on Evergrande’s liquidity and liabilities, as well as its operations and business, in the 2021 and 2022 results, Sandra Chow, co-head of Asia Pacific research at CreditSights, said....
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