the company Nearly $300 billion in total liabilities, and analysts have worried for months whether the collapse could trigger a broader crisis in China’s property market, hurting homeowners and the broader financial system. The US Federal Reserve warned last year that troubles in Chinese real estate could hurt the global economy.
The company’s stock passed more debt payment deadlines last week without any indication that it had met its obligations, although it reportedly has a 30-day grace period to pay off those loans. (Fitch’s downgrade came after Evergrande missed a payment after his grace period ended.)
Evergrande did not immediately respond to a request for comment. Regarding his decision to stop the shares on Monday.
And, there are signs that Chinese officials are taking steps to stem the decline from the company’s downward spiral and guide it through a restructuring of its debt and business operations.
The People’s Bank of China also said it would pump $188 billion into the economy, apparently to counter the real estate slowdown, which accounts for about a third of China’s GDP.
— Laura He contributed to this report.
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