Major banks in China have been told that developer Evergrande will not be able to make loan interest payments due next week. The debt-laden company is negotiating with banks to extend payments and roll over some loans. Evergrande shares have tumbled more than 80% this year. Protests against the firm have spread to more Chinese cities, after its offer of property and parking spaces — instead of cash repayments — was rejected by investors. With a colossal debt of over $300 billion, there are growing concerns that the crisis could hit the broader economy.
Subscribe to our channel here: https://cna.asia/youtubesub
Subscribe to our news service on Telegram: https://cna.asia/telegram
CNA Lifestyle: http://www.cnalifestyle.com