SINGAPORE/SHANGHAI, Sept 24 — China Evergrande inched closer on Friday to the potential default that investors fear, missing a payment deadline in one of the clearest indications yet that the developer whose debt struggles have spooked markets is in dire trouble.The company owes $305 billion, has run short of cash and investors are worried a collapse could pose systemic risks to China's financial system and reverberate around the world.A deadline for paying $83.5 million in bond interest passed without remark from Evergrande and bondholders had not been paid nor heard from the company, two people familiar with the situation told Reuters.The firm is now in uncharted waters and enters a 30-day grace period. It will default if that passes w...
September 24, 2021 at 2:43 pm | Economic Affairs