Evergrande
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Analysts argue the sell-off on Thursday was largely fueled by those mispositioned in the market and not ephemeral news
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Trading of Evergrande shares was halted on Monday, but both digital asset and stock markets are shrugging off the news
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Fitch Ratings downgraded the Chinese real estate developer to ‘Restricted Default’ on Thursday, amid restructuring plans that could leave offshore bond-holders taking a haircut.
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CPI sees its hottest read in over 30 years of 6.2% year-over-year, BTC rallied on the inflation print but then corrected due to liquidations.
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Although DMSA claims that Evergrande didn’t pay its interest payments, a Clearstream spokesperson told Bloomberg it received overdue interest payments on three US dollar bonds issued by the Chinese developer.
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China Evergrande Group is selling a $5.1 billion interest in its Evergrande Property Services Group to the 13th largest property developer in China.
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The Chinese real estate developer is offloading a 20% stake in Shengjing Bank, to raise $1.5 billion of the $305 billion Evergrande owes creditors.
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Sources described the government’s actions as a way of “getting ready for the possible storm.”
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A jittery day for both Wall Street and digital asset investors questioning whether Evergrande debt woes can be contained.
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