EVERGRANDE DEFAULTS ON OBLIGATIONS AGAIN

Evergrande Group has moved one step closer to default after not making payment in its latest bills. The company has a total $300 billion in liabilities, with $19 billion in offshore U.S. dollar-denominated bonds — the most of any Chinese developer. The other Chinese developer Kaisa is also struggling in part due to Evergrande’s woes.

The consumer credit vision rating for Evergrande likely below 400 by now. This rating is reserved for real deadbeats.

The overall silence around Evergrande’s default comes as Chinese authorities have made public statements in the last week about efforts to manage the developer’s situation.

People’s Bank of China head Yi Gang said in a speech Thursday that Evergrande’s situation is a “market event,” to be handled according to market principles and law.