DW News published this video item, entitled “Housing crisis: Struggling Evergrande makes late bond payment | DW News” – below is their description.
The troubled Chinese property company Evergrande has avoided defaulting on an overdue payment — by just a whisker.
Evergrande wired 83.5 million dollars on Friday to a Citigroup account for a missed bond payment that had been due September the 23rd, according to the Securities Times.
Evergrande’s struggle to reduce its more than 300 billion dollars of debt has prompted fears a default might trigger a financial crisis. The news lifted Evergrande shares in Hong Kong.
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00:00 Evergrande bond payment introduction
00:35 How did this surprise payment go down on financial markets?
01:35 Evergrande’s will to survive
02:53 Is the fate of Chinese real estate sector at stake as a whole?
DW News YouTube Channel
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In This Story: Hong Kong
Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.
