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China Evergrande Group (EGRNY)
- Financial Times
Evergrande misses deadline for $300bn debt restructuring plan
Evergrande has failed to meet a self-imposed deadline for a proposal to restructure its $300bn in liabilities, adding to uncertainty over the fate of the world’s most indebted real estate developer. The struggling property business, which was the most prominent default last year in a sector-wide liquidity crisis in China that shook its entire real estate market, said in January that it would publish a “preliminary restructuring proposal” by the end of July. Last month, it told creditors it was on track to meet the deadline and urged patience amid threats of legal action.
- Financial Times
China property: $150bn is not enough to lift sector out of its slump
Predictions of a crash hitting the financial system are wide of the mark. The outlook is instead for slow, attritional correction
- Reuters SG
EMERGING MARKETS-Asian currencies begin week in cautious mood with Fed in sight
* Singapore June core inflation rises to 4.4%, beats forecasts * Philippine stocks jump as much as 1.6%, hit one-week high * U.S. FOMC meeting, Q2 prelim GDP in Taiwan, S.Korea awaited By Harish Sridharan July 25 (Reuters) - Asian currencies struggled for momentum on Monday, as caution prevailed ahead of a U.S. Federal Reserve meeting this week, while Singapore stocks pared most of their gains after the city-state reported higher-than-expected inflation for June. Shares in Singapore rose as much as 0.9% to their highest since June 9 before cutting gains on the inflation data and were last up 0.1%.
