- China’s fourth-largest developer by sales is approaching a possible default
- the sector’s liquidity crisis shows no sign of easing despite government vows of suppor
- Some of Country Garden Holdings Co.’s dollar bonds were poised for their biggest drops in two months.
- Sunac China Holdings Ltd.’s grace period to make a dollar-bond interest payment ends Wednesday,
- Failure to do so could trigger cross-default on other offshore debt, the bond’s prospectus shows.
Archives of “May 10, 2022” dayrss
BlackRock is the world’s largest asset manager, has circa US$10 tn in assets under management.
In a report issued Monday it (in brief) it highlighted two key concerns it has over China:
- Said risks are rising for China over its ties to Russia during the Ukraine war
- COVID-19 related lockdowns further threaten to slow economic activity in China
Thus Blackrock cut its view on Chinese equities to neutral, from previously overweight.
Weekly candles for the Shanghai Composite. Far be it from me to question the undoubtedly smart peeps at BlackRock … but still ….
The report is here: