China’s Evergrande, the World’s Most Indebted Corporation, Officially Goes Insolvent Today

We’ve reported about the challenges that Evergrande is in while facing insolvency.  Today the company officially went bankrupt. 

In September we reported on Evergrande’s imminent collapse.

The Genius of Trump: China Economy is Growing at Its Slowest Rate in 30 Years – Prognosis For Future Doesn’t Look Good

We’ve warned that this is an indicator of things to come in China.

US Stocks Plummet as “China’s Lehman” Evergrande Reaches Brink of Collapse

This morning it was reported out of Germany:

China Evergrande Group today again defaulted on interest payments to international investors. DMSA itself is invested in these bonds and has not received any interest payments until today’s end of the grace period. Now DMSA is preparing bankruptcy proceedings against Evergrande and calls on all bond investors to join it.

China Evergrande Group, the second largest real estate developer in China, defaulted on interest payments on two bonds back in September, with the 30-day grace period still ending in October. However, shortly before the end of the grace period, the public was misled by rumors about alleged interest payments. The international media also took the rumors for granted. Only the DMSA – Deutsche Marktscreening Agentur (German Market Screening Agency) already recognized the default at that time and proved in a study that the bankruptcy of Evergrande, the world’s most indebted corporation, could ultimately lead to a “Great Reset”, i.e. the final meltdown of the global financial system.

Is this the beginning of bigger troubles for China and the world financial community?

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Joe Hoft is a Radio Host at TNTRadio.live, Author, Former International Corporate Executive in Hong Kong for a Decade, and a Contributor at TGP since 2016. Joe is the author of five books, including his new bestseller, "The Steal: Volume II - The Impossible Occurs" which addresses the stolen 2020 Election and provides an inventory of issues that prove that the 2020 Election was uncertifiable and never should have been certified for Joe Biden.

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Thanks for sharing!