EGRNF - China Evergrande's debt troubles spread through Chinese economy WSJ says

• The woes China Evergrande ( OTCPK:EGRNF ) ( OTCPK:EGRNY ), the Chinese property developer struggling with over $300B of debt, has spread across the country's economy as the company's suppliers now deal with the aftermath.
• Companies in industries such as steel, paint and interior design have recorded large losses from Evergrande's ( OTCPK:EGRNF ) inability to pay its bills, the Wall Street Journal reported Thursday. That, in turn, has created a significant drag on China's economy.
• Some of the companies have delayed paying their own bills to other businesses and have laid off workers, the report said.
• In addition, with Evergrande ( OTCPK:EGRNF ) defaulting on international bonds late last year, investors have mostly halted providing funds to Chinese real estate companies. That means bond investors are incurring losses, as well as a number of developers can't refinance their debt.
• In September, Reuters reported that a lender seized China Evergrande ( OTCPK:EGRNF ) headquarters after two attempts to sell the building failed. At about the same time, the compay reportedly auctioned off its stake i n Shengjing Bank for ~$1.05B.

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