for new bonds, blaming a shutdown of its usual financing channels for the cash crunch.
Last week, the heavily indebted China Evergrande avoided default for a second time by making an overdue interest payment on dollar bonds
WSJ 1 November 2021
Yango shares fell as much as 9% Monday in Shenzhen, hitting a seven-year low. Several of its onshore bonds plunged to record lows, prompting trading halts.
How an Evergrande Collapse Would Cascade
The key to managing the crisis is not just to contain the risk of the financial loans, but also the other two-thirds of the liabilities owed by the distressed real estate developer to a vast network of companies and enterprises in its supply chain — including providers of construction services and material as well as contractors and subcontractors supplying needs ranging from labor to decoration.
Bloomberg 31 October 2021