HONG KONG (Reuters) -The editor-in-chief of state-backed Chinese newspaper Global Times warned debt-ridden property giant Evergrande Group that it should not bet on a government bailout on the assumption that it is “too big to fail”. Global Times’ editor-in-chief Hu Xijin said on his WeChat social media account on Thursday that Evergrande should turn to the market for salvation, not the government. Evergrande is due to pay $83.5 million interest on Sept. 23 for its March 2022 bond. The bonds would default if Evergrande fails to pay the interest within 30 days. Evergrande shares fell another 13% to HK$2.28 on Friday, the lowest level since Oct 2011.

Source: MetroXpress September 17, 2021 02:37 UTC