Uncertainty over the reconstruction of the Chinese real estate giant Evergrande Group, which is in financial crisis, is intensifying. The company revealed that it was unable to pay the principal amount of more than 800 billion yen of corporate bonds on time, and Chinese media reported that the group's former top management was detained by the authorities.
Evergrande Group, a major Chinese real estate company, fell into a financial crisis due to the effects of stricter government regulations and other factors, and in August it filed for the application of the federal bankruptcy law in a U.S. court to proceed with debt restructuring.
Under these circumstances, the company revealed that it could not pay the principal and interest rate on corporate bonds denominated in RMB denominated in 8 billion yuan, or Japan yen, more than 40 billion yen, by the deadline of March 800.
On the 25th and 25th, the company also postponed the planned talks with creditors over debt restructuring, citing lower-than-expected home sales and the need to review the terms.
Furthermore, regarding the "Evergrande Group", the Chinese media "Caixin" reported that former CEO = CEO Xia Haijun and others were detained by the authorities, and management confusion continues, and the uncertainty about reconstruction is further increasing.