China Evergrande to face its day of reckoning as a formal default looms. So what happens next?
After weeks of radio silence since being suspended from trading on the Hong Kong Stock Exchange, Chinese property giant Evergrande is about to face its day of reckoning.The 30-day grace period for an offshore bond payment that the company initially missed on September 23 is going to expire at the end of this week.Once a darling of China's booming property sector, Evergande is now at risk of the country's largest-ever corporate default with more than $400 billion in debts, triggering financial woes in the world's second-biggest economy.So how is this likely to play out in the coming days? What happens next if a formal default occurs?
