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ASIA:
Despite claims of an economic recovery, Chinese state-owned companies are defaulting on their debts. A string of missed debt repayments by major firms has shaken local as well as global markets. State firms defaulted on a record $6.1 billion worth of bonds between January and October, according to Fitch Ratings. That’s about as much as the last two years combined. The development has rattled China’s nearly $4 trillion corporate debt market, of which state-owned enterprises are estimated to account for more than half. At least 20 firms suspended plans for new debt issues totaling $2.4 billion, all citing recent market turmoil. The mounting non-payment of debt payments is getting worse in recent weeks. A slew of major companies, including German automaker BMW’s Chinese partner Brilliance Auto Group, top smartphone chipmaker Tsinghua Unigroup, and Yongcheng Coal and Electricity declared bankruptcy or defaulted on their loans in November. According to Reuter
【禁聞】國企債務爆雷接連不斷 衝擊國有銀行
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Chinese debt defaults send investors into a tizzy
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Chinese state-owned companies debt defaults send investors into a tizzy
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Shock waves in markets as Chinese firms default on record debts
India
Published: Monday, December 14, 2020, 10:36 [IST]
New Delhi, Dec 14: The Chinese state owned companies have defaulted on their debts and the state firms have defaulted on a record 6.1 billion USD worth of bonds between January and October according to Fitch Ratings.
This development has sent shock waves in the debt market. The non-payment of debt payments is only getting worse and a slew of major companies such as BMW s Chinese partner, Brilliance Auto Group, Tsinghua Unigroup, and Yongcheng Coal and Electricity declared bankruptcy or defaulted on their loans in November.