China's Evergrande Collapse Would Have 'Profound Consequences'
Possibility of china property company ever grand is leading to concerns in markets. This morning as we saw shares of ever grant are off more than eleven percent today at the stock has fallen more than eighty percent this year as it struggles to meet debt payments. The company has more than three hundred million dollars in debt and has warned about default. It has a eighty three million dollar payments due on thursday for a march. Twenty twenty two bond according to reuters and this is leading to concerns of a domino effect as this would have an effect on other china and hong kong property developers and a systemic effect on the rest of the economy. That's according to jenny. Zang co head of asia fixed income at alleanza bernstein quote in the offshore dollar market. There is a considerable large portion of developers who are implied to be highly distressed. Zang said on cnbc. These developers quote can't survive much longer. If the refinancing cheinal continues to be shut but she played down the possibility of ever grant being akin to the collapse of lehman brothers noting that the fragmentation of the china property market is much less involved than lemans