Evergrande may be the largest, but it won’t be the last Chinese developer to fall back to earth

Last Monday, shares of China #Evergrande Group tumbled almost 20% after the firm said there was no guarantee it would have enough funds to meet debt repayments. The 30 day grace period of a coupon payment of more than $82 million came to an end on Monday. In a filing late on Friday November 3rd, Evergrande said it had received a demand from creditors to pay about $260 million dollars. As a result, the government of Guangdong province, where the company is based, summoned Evergrande Chairman 許家印, and it later said in a statement it would send a working group to the developer at Evergrande's request to oversee risk management, strengthen internal controls and maintain normal operations.

On Friday evening, China's central bank, banking and insurance regulator and its securities regulator sought to reassure the market that any risks to the broader property sector could be contained. The People's Bank of China said, short-term risks caused by a single real estate firm will not undermine market fundraising in the medium and long term, adding that housing sales, land purchases and financing "have already returned to normal in China".

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