Evergrande remained in the headlines Tuesday as the company nears its first debt hurdle on September 23. The company is due to pay out interest worth $83 million on a 5-year, U.S.-dollar denominated bond, with an initial issue size of around $2 billion. A further payment on the interest on a 7-year bond is expected on September 29.
Chairman Hui Ka Yuan told staff that Evergrande would "walk out of its darkest moment, resume full-scale constructions as soon as possible."
Evergrande is linked to hundreds, if not thousands of unfinished projects.
Ratings company Standard & Poor's said Evergrande is likely to default in the coming weeks, but said Beijing would likely "be compelled to step in if there is a far reaching contagion causing multiple major developers to fail and posing systemic risks to the economy," TheStreet's Martin Baccardax reported.
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Recap TheStreet Live: Everything Jim Cramer Is Watching 9/21/21