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China Evergrande nears default after missing payment deadline Updated: 2021-12-08 08:27:55 KST

China's embattled real estate giant Evergrande did not make payments on Monday on some U.S. dollar bonds at the end of a 30-day grace period.
According to Reuters and Bloomberg, citing sources, some of Evergrande Group's offshore bondholders did not receive overdue coupon payments as the company failed to pay back 82.5 million dollars in interest payments.
The cash-strapped property developer is now close to a formal default.
Should it be the case, it would trigger cross-defaults on it's roughly 19 billion dollars worth of international bonds putting it at risk of becoming China's biggest-ever defaulter.
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