Chinese developer Sinic defaults as Evergrande deadline looms
“Sinic Holdings has added to a growing list of defaults across China’s contracting real estate sector as markets are braced for a deadline this weekend for developer Evergrande to settle interest payments on its offshore bonds.”
USAGOLD note: Far from tansitory, far from contained …… China appears willing to bail out bond investors within its borders, but the jury is still out on foreign holders. If Evergrande defaults “offshore” this weekend, we will know soon enough whether or not we move to the early stages of a global contagion. You will find details at the link worth considering. Sinic’s default and the prospect of still more was probably a major impetus for gold’s strong move to the upside in overnight markets.