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This message is just going around in banking circles and was sent directly from a group of employees of the Savings Bank.

All other banks are also already on alert!

China Evergrande Group has again defaulted on interest payments to international investors today. DMSA itself is invested in these bonds and has not received any interest payments by the end of the grace period today. Now DMSA is preparing insolvency proceedings against Evergrande and invites all bond investors to join them.

China Evergrande Group, the second largest real estate developer in China , was already late with interest payments on two bonds in September, with the 30-day grace period still ending in October. But shortly before the grace period expired, the public was misled by rumors of alleged interest payments. The international media also took the rumors for granted. Only the DMSA – German Market Screening Agency already recognized the default at that time and proved in a study thatthe insolvency of Evergrande, the world’s most indebted corporation, could ultimately lead to a “Great Reset”, i.e. the final collapse of the global financial system.

(Note to journalists: see DMSA press releases of October 25 and 29, 2021, and the DMSA study “The Great Reset – Evergrande and the Final Meltdown of the Global Financial System”; all available via the DMSA homepage http://www.dmsa-agentur.de .)

“But while the international financial market has so far met the financial turmoil surrounding the faltering giant Evergrande with remarkable basic confidence – one can also say: with remarkable naivety – the U.S. Federal Reserve confirmed our assessment yesterday,” says DMSA senior analyst Dr . Marco Metzler . “In its latest stability report, it explicitly pointed out the dangers that a collapse of Evergrande could have for the global financial system.”

In order to be able to file for bankruptcy against the company as a creditor, DMSA itself invested in Evergrande bonds, whose grace period expired today ( Nov. 10, 2021 ) . In total, Evergrande should have paid $148.13 million in interest on three bonds no later than today . “However, we have not received any interest on our bonds so far,” explains Metzler. He adds, “Since banks in Hong Kong are closing today, it’s certain that these bonds have defaulted.”

Of particular concern to Evergrande: all 23 outstanding bonds have a cross-default clause. “This means that if a single one of these bonds defaults, all 23 outstanding bonds automatically have ‘default’ status,” DMSA senior analyst Metzler knows. However, this does not automatically lead to Evergrande Group’s insolvency. To determine insolvency, an insolvency petition must be filed with the court.

be filed with the court. This can be done either by the company itself or by one or more of the company’s creditors. And this is exactly what is planned now. Metzler: “DMSA is preparing insolvency proceedings against Evergrande. We are already holding talks with other investors in this regard. We would be pleased if other investors would join our action group.”

For the DMSA expert, one thing is certain: “As soon as a court opens insolvency proceedings, Evergrande will also be officially bankrupt – and that’s only a matter of days.”