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Evergrande, the huge real estate developer in China, has finally used up all of its grace periods. The credit ratings agencies have finally capitulated and downgraded Evergrande’s ratings to a default status. The last domino to fall was when creditors filed lawsuits in court, as this will force them to pay up or apply for bankruptcy status.
Chinese creditors have sued China Evergrande Group for more than $13 billion in allegedly overdue payments, according to a report.
A Chinese court assigned to handle civil lawsuits against Evergrande accepted 367 cases, with claims totaling 84 billion yuan ($13.2 billion), the Financial Times reported, citing official records. The cases were accepted between late August and earlier this month, the report said -- in the period after financial regulators told the developer to resolve its debt problems and up to Fitch Ratings’ downgrade of the developer to ‘restricted default’ last week.
They managed to delay the inevitable bankruptcy for many months, knowing that this will surely collapse the entire Chinese market, and from there it could spread around the world through all the pension funds and corporate investments that will take a hit.
Even so, it will take some time for the derivates to be unwound and for the full effects of this bankruptcy to be seen. The full effects may not be seen until next Spring. We yet have time to watch carefully. Nonetheless, I believe this is a major step in the fall of Mystery Babylon.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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