SCCCF - Evergrande will 'walk out of its darkest moment' chairman says in letter

Even as Beijing shows no signs of stepping in to support China Evergrande (OTCPK:EGRNF) to prevent spillover effects to the rest of the world, the property developer's chairman, Hui Ka Yuan said he expects the company will "walk out of its darkest moment" and "resume full-scale constructions as soon as possible," Reuters reports, citing a letter he wrote to staff. While the letter, which coincides with China's mid-autumn festival, didn't provide any details on how the developer would resolve its debt burdens, Hui said the company would fulfill its obligations to property buyers, partners, investors, and financial institutions. "There must be negotiations behind the scenes about a systemic recapitalization (of Evergrande) by state proxies," Andrew Collier, managing director of Hong Kong's Orient Capital Research, told CNBC. Evergrande (OTCPK:EGRNF) is scheduled to pay $83.5M in interest on its March 2022 bond on Thursday and has $47.5M more due on Sept. 29

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Evergrande will 'walk out of its darkest moment,' chairman says in letter