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.
Predictions of a crash hitting the financial system are wide of the mark. The outlook is instead for slow, attritional correction
* 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%.