China Evergrande, the worlds most indebted property company, has finally convinced a core group of its creditors to support a restructuring of its $US20 billion ($30 billion) of offshore bonds. The nature of the deal, however, will provide little solace to the bondholders or international investors in the distressed debt of other Chinese property developers.
Evergrande was the developer, with $US300 billion of liabilities, whose default on its bonds in 2021 triggered a property crisis that engulfed a key driver of Chinas economic growth. Its default triggered a cascade of other developer defaults that implode…
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