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China preparing for Evergrande’s downfall – WSJ By Reuters

© Reuters. The China Evergrande Centre building sign is seen in Hong Kong, China September 23, 2021. REUTERS/Tyrone Siu

(Corrects typographical error in headline)

(Reuters) – Chinese authorities are asking local governments to prepare for the potential downfall of debt-ridden China Evergrande Group, the Wall Street Journal reported on Thursday, citing officials familiar with the discussion.

The company, China’s second-biggest property developer, has $83.5 million in dollar-bond interest payments due on Thursday on a $2 billion offshore bond and a $47.5 million dollar-bond interest payment due next week.

Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates.

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