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12/30/2024 - Former president Jimmy Carter died today at the age of 100. If I recall, this was the third death... Read More
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View Full Tract ListChina’s giant real estate company, Evergrande, which owes about $305 billion, was unable to make a debt payment on November 6, 2021. But “anonymous sources” claimed that they did indeed make that payment at the last minute. Reuters reported this lie here:
Bloomberg reported the same lie here:
On December 6, after a 30-day grace period, it became apparent that Evergrande had NOT made it payment, and it again failed to pay up during its grace period. Reuters was exposed a just another fake news outlet whose job was to protect the wealthy.
Then it took a few days for the fake ratings agencies to downgrade Evergrande’s rating. They too were prolonging it for as long as they could. They did the same with Lehman Brothers in 2008, which destroyed their credibility.
Even after this, Evergrande itself has yet to file for bankruptcy to begin its liquidation. These people stall and lie for as long as they can. On the positive side, we too are given time to prepare and brace ourselves for the impact on the world economy.
We are now seeing some of the Evergrande’s bondholders who will take big losses:
Despite there being no formal insolvency proceeding initiated by major bondholders or Evergrande itself, Dr Marco Metzler, an outspoken critic of Evergrande and the management its bonds has named five large global financial institutions that he says will be forced to write-off some $23 billion as a result of the Fitch downgrade.
“Companies like BlackRock, Ashmore Group, Allianz, HSBC or UBS own the most bonds,” says Metzler.
“It is also striking that although Chinese real estate giants have been in crisis for a long time, those funds bought additional securities even shortly before Evergrande’s insolvency. BlackRock’s portfolio (Asian High Yield Bond Fund), for example, saw a net addition of 31.3m shares in Evergrande bonds between January and August 2021. The fund holds 1% of its portfolio assets in Evergrande.
“Between January and July, HSBC increased its holdings in Evergrande bonds by a full 40%. The UBS Asian high-yield bond fund reduced its exposure to Evergrande by 0.09 percentage points, but the number of shares rose by 25% in May.
“And Allianz Dynamic Asian High Yield Bond also had a higher weighting of Evergrande of 2.56% at the end of July.”
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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