Wang Tao: What Are the Implications of an Evergrande Debt Default
After months of spiraling concerns and speculation over its debt, one of China’s largest property developers Evergrande formally announced on Dec. 3 that it had received a notice to honor an offshore guarantee obligation of $260 million. The company stated that the group will proactively evaluate its financial obligations with its advisors, and that it will “communicate with offshore creditors” to restructure offshore debt.
Wang Tao is the head of Asia economics and chief China economist of UBS Investment Bank.
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