{"id":51070,"date":"2021-09-20T20:14:43","date_gmt":"2021-09-20T16:14:43","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=51070"},"modified":"2021-09-20T20:14:46","modified_gmt":"2021-09-20T16:14:46","slug":"evergrandes-collapse-will-impact-banks","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/evergrandes-collapse-will-impact-banks\/09\/20\/market-updates\/","title":{"rendered":"Evergrande\u2019s collapse will impact banks"},"content":{"rendered":"\n<p>On Monday, Evergrande\u2019s stock price fell 10.2% in Hong Kong, the latest blow impacting the Chinese property giant that has been on a downward curve for 8 months. <br><br>Today\u2019s selloff reflects growing concerns expressed by investors that Evergrande will default on part of its $300 billion debt this week\u2014$120 million in interest on two bond notes that is due later this week.<br><br>The bonds have a 30-day grace period, but the company\u2019s bond prices suggest that investors think default will be eventually the most probable outcome. <br><br>Since January 2021, Evergrande\u2019s stock price in Hong Kong has dropped from 14.1 HKD ($1.81) to 2.3 HKD ($0.3), sinking the company\u2019s valuation from $24 billion to $5 billion as Evergrande\u2019s reputation is deteriorating and this is expected to impact the Chinese as well as the global banking systems.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Monday, Evergrande\u2019s stock price fell 10.2% in Hong Kong, the latest blow impacting the Chinese property giant that has been on a downward curve for 8 months. Today\u2019s selloff reflects growing concerns expressed by investors that Evergrande will default on part of its $300 billion debt this week\u2014$120 million in interest on two bond &hellip;<\/p>\n","protected":false},"author":13,"featured_media":36478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[7451,6832,7452,7479,7476],"class_list":["post-51070","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-banking-system","tag-china","tag-crisis","tag-evergrande","tag-selloff"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/51070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=51070"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/51070\/revisions"}],"predecessor-version":[{"id":51074,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/51070\/revisions\/51074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/36478"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=51070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=51070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=51070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}