HONG KONG: Trading in shares of heavily indebted China Evergrande was suspended on Monday , days after some bondholders said the property developer at the centre of jitters over China's financial system had missed a second key bond interest payment.
With liabilities stretching into hundreds of billions of dollars, equal to 2 per cent of China's gross domestic product, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world. Initial worries have eased somewhat after China's central bank vowed to protect homebuyers' interests.
The cash-strapped group said on Sep 30 that its wealth management unit had made a 10 per cent repayment of wealth management products , which are largely owned by onshore retail investors, that were due by the same date.
Gone case. Chinese version of lehman brother crash.
Uhhhhh…why…