What Happens If China’s Central Bank Doesn’t Help Evergrande Pay Their Debts? | Future Of US Market


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China’s central bank’s got their people’s back. That’s what they seem to be hinting as another payment deadline looms. That’s the statement they posted on their website.

Just to be clear, they did not mention Evergrande in their statement which only consisted of one line about housing and a commitment to make its monetary policy flexible.

This should provide the markets some relief after last month’s fears that they could bring down the global market.

Evergrande, one of the biggest real estate developers in the world, missed a deadline to pay $83.5 million in interest on its dollar-denominated bond last week. Another $47.5 million coupon is due this week on a second dollar bond.

The sheer size of the business and even bigger size of its debt is causing a panic among investors. If they default on their loans, that will mean a lost income stream for many businesses.

Many investors have wondered if the Chinese government would bail it out or use the company as an example to other Chinese companies to better manage their finances.

However, People’s Bank of China or PBOC said it commits to “safeguard the legitimate rights of housing consumers.”

Teresa Kong, portfolio manager at Matthews Asia, said that Evergrande’s financial problems are highly unlikely to create a risk to China’s financial system.
She pointed to two Chinese companies with similar debt burdens, Anbang and HNA, that were successfully restructured without spreading risk through the system.
If Kong is right and Evergrande displays less of an impact in China’s market, then the global market has nothing to worry about.

If at all, what we should look at is how Evergrande is reflecting the shift in needs and behavior. Real Estate has always been touted as one of gold’s competitors as the best hedge. Some think it is even better because it could yield recurring income.

Evergrande losing business proves that the real estate market is changing based on the changing culture. People don’t live and work the way they used to. In many cases, the lines that used to divide the different aspects of our lives are getting blurred. It is dictating our finances and lifestyle. In turn, that changes our demand.

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