Evergrande fails to raise $3.5 billion to pay debts

Massively indebted Chinese property developer Evergrande has failed to strike a deal to raise $3.5 billion, according to Sky News Business Editor Ross Greenwood.

The United States market was not impacted by the failed deal but the effect on the Hong Kong market will be known when it opens.

The failure to raise the billions means Evergrande does not have the money to be able to pay interest and to catch up on missed payments.

The company was given a three-day grace period to pay the last instalment but if it does not do so, Evergrande will default, which may trigger a cascade for China’s developers.

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