Evergrande towards default, even Inter trembles | News

Evergrande towards default, even Inter trembles | News
Evergrande towards default, even Inter trembles | News

The Chinese real estate giant, towards which Zhang had exposed himself for 2.6 billion euros, is increasingly in trouble

Concern is growing in the home Inter after the news that Fitch has cut the credit rating by Evergrande on long-term foreign currency, and that of the subsidiaries Hengda and Tianji, at the level of “restricted default” (Rd) from the previous ‘C’. The measure, a note from the rating agency reads, follows the non-payment of offshore coupons for 82.5 million dollars, at the expiry of the 30-day grace period on 6 December.

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With its provision, Fitch certified Evergrande’s first default, which for weeks managed to avoid the worst with payments almost at the last possible moment: the “restricted default” rating indicates that an entity is in default on one or more financial commitments, while continuing to honor other financial commitments. Failure to pay the latest $ 82.5 million offshore coupons “is consistent with a” Rd “(restricted default) rating, which indicates the unsettled expiration of any grace, remedial, or default grace period applicable thereafter. of a non-payment on a material financial obligation, “the agency remarked in a statement.

Not good news for Inter as well, given that Zhang Jindong he had helped Evergrande to avoid the cash crunch last year when he exposed himself to the Chinese real estate giant for about 2.6 billion euros.

Given the situation, Zhang would then have waived the repayment of the loan, keeping the investment in Evergrande Real Estate. According to some industry sources, Zhang’s investment would have lost 80% of its value. The risk is that it will go to zero with Evergrande’s default.

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