华尔街出手!300亿美元救助第一共和银行!资深分析师：银行业危机已结束怎么说的？？

WSJ- Markets – Dec 3 2021China Evergrande Requests Help From Government After Warning of New Debt Crunch 中国恒大就新的债务困境发出警示后，请求 *** 帮助

Working group will oversee and improve company’s risk management and internal controls 该工作组将监督和改进公司的风险管理及内部控制

Chinese authorities on Friday said they would step in to help China Evergrande Group deal with its crisis, after the highly indebted property giant warned it risked defaulting on a large financial obligation and sought help from its provincial government.

中国 *** 周五表示，他们将介入，帮助中国恒大集团应对危机此前，这家负债累累的房地产巨头警告称，该集团有可能出现大桩的金融债务违约，并寻求省 *** 的帮助The government of Guangdong, the southern Chinese province where the struggling developer is based, said late Friday it would dispatch a working group at the request of Evergrande to help the company manage its risks. The decision was made after officials summoned the company’s chairman, Hui Ka Yan, to a meeting, the government said. 。

这家陷入困境的开发商所在的中国南方省份广东省 *** 周五晚些时候表示，应恒大的要求，将派遣一个工作组帮助该公司管理风险 *** 表示，这一决定是在 *** 领导召集公司董事长许家印开会后作出的It added the working group would oversee and improve the company’s risk management and internal controls, as well as help Evergrande maintain normal operations. 。

并补充称，该工作组将监督和改善公司的风险管理和内部控制，并帮助恒大维持正常运营China’s central bank said late Friday it was supportive of the Guangdong government’s decision to step in. The People’s Bank of China said it would cooperate with the effort and work with other agencies and local governments to help lower Evergrande’s risks and maintain stability in the country’s property market. China’s banking and securities regulators also said they would work together to keep the broader property industry healthy. 。

中国央行周五晚些时候表示，支持广东省 *** 介入的决定中国人民银行表示，将在这项工作中合作，与其他机构和地方 *** 合作，帮助恒大降低风险，保持中国房地产市场的稳定中国银行和证券监管机构还表示，他们将共同努力，保持更广泛的房地产行业健康发展。

Authorities also had harsh words for the company. “Evergrande’s risks are mainly due to its own poor management and blind expansion,” the PBOC said, echoing

some of its previous criticism of the 25-year-old developer. 当局 *** 也对该公司给予了严厉置评“恒大的风险主要是由于其自身管理不善和盲目扩张，”中国人民银行表示，这与此前对这家历经25年的开发商的一些谴责相呼应。

Evergrande on Friday said in a regulatory filing that it had received a $260 million demand to “perform its obligations under a guarantee,” and if it failed to honor guarantees it had given, some creditors could demand accelerated repayment of sums they are owed.

恒大上周五在一份监管文件中表示，已收到2.6亿美元的“履行担保义务”要求，如果恒大不能兑现其提供的担保，一些债权人可能会要求加快偿还所欠款项The developer also said it plans to work with international creditors on a restructuring plan, effectively conceding for the first time that its hefty offshore debts aren’t sustainable. The developer said it “plans to actively engage with offshore creditors to formulate a viable restructuring plan of the company’s offshore indebtedness for the benefit of all stakeholders.” 。

该开发商还表示，它计划与海外债权人合作制定一项重组计划，实际上这是它首次承认其巨额的离岸债务已不可持续该开发商表示，“计划积极与海外债权人接洽，为所有利益相关者制定可行的公司海外债务重组计划”Evergrande reported the equivalent of roughly $300 billion in liabilities as of end-June, including nearly $20 billion in international bonds. Prices of its dollar bonds have plunged to around 20 cents on the dollar, reflecting the company’s extremely high default risk. International credit-rating firms have all slashed the developer’s ratings to around their lowest levels, saying it is highly likely to renege on its debts. 。

截至6月底，恒大报告了约为3000亿美元的负债，其中包括近200亿美元的海外债券其美元债券价格已跌至20美分左右，反映出该公司极高的违约风险所有国际信用评级公司都将该开发商的评级下调至最低水平，称其极有可能背弃债务.。

Evergrande’s precarious financial situation has helped trigger a wider crisis in China’s property sector, with bond prices of many companies dropping to distressed levels and several smaller developers defaulting on their obligations. Still, while Evergrande itself has fallen behind on several bond-coupon payments in recent months, it has so far managed to avoid default by making payments before grace periods expire.

恒大岌岌可危的财务状况引发了中国房地产行业更大范围的危机，许多公司的债券价格跌至困境水平，一些较小的开发商违约尽管如此，近几个月来，恒大自身在几次的债券息票支付方面都滞后了，但迄今为止，它通过在宽限期到期前付款，成功避免了违约。

While Evergrande hired financial advisers in September, signaling it was potentially moving toward some form of debt resolution, it has previously been more circumspect about its plans. In an Oct. 20 statement it said it would “use its best effort to negotiate for the renewal or extension of its borrowings or other alternative arrangements with its creditors,” without directly addressing a restructuring.

尽管恒大在9月份就聘请了财务顾问，这表明它有可能采取某种形式的债务解决方案，但此前它对自己的计划更为谨慎在10月20日的一份声明中，该公司表示将“尽最大努力与债权人协商续借或延期借款或其他替代安排”，而不会直接考虑重组。

Also in October, advisers to some of the company’s international bondholders had complained that they had made little progress in their

efforts to engage with Evergrande. 同样在10月份，该公司一些海外债券持有人的顾问抱怨，他们与恒大的合作进展甚微Afterward, financial advisers to Evergrande, which include the U.S. investment bank 。

Houlihan Lokey, entered into talks with lawyers representing international bondholders, a person familiar with the matter said.

知情人士说，随后，恒大的金融顾问，包括美国的投资银行Houlihan Lokey（注：美国的顶级精品投行华利安），与代表海外债券持有人的律师进行了会谈Over the past few months, local government officials dealing with Evergrande’s issues have been mainly focused on restarting construction that was 。

earlier halted at many of the developer’s projects after Evergrande couldn’t pay its bills. Their priority has been to help suppliers and contractors that the developer owes money to, and ensure that home buyers who bought unfinished apartments from Evergrande get the homes they were promised.

在过去的几个月里，处理恒大问题的地方 *** 官员主要关注的是重启复工此前，由于恒大无力支付账单后，许多开发商的项目在早些时候停工地方 *** 官员的首要任务是帮助那些在恒大有欠款未收回的供应商和承包商，并确保那些在恒大购买了期房的购房者获得承诺的住房。

The Wall Street Journal reported last month that officials in some cities have been working with Evergrande

to send payments to some of its suppliers, among other steps being taken to avoid a disorderly collapse of the developer. Not all suppliers that are owed money have been paid however, as the process isn’t being handled consistently across the country.

《华尔街日报》上个月报道说，一些城市的 *** 一直在与恒大合作，向其部分供应商付款，以及采取其他措施，以避免该开发商无序倒闭然而，并不是所有被拖欠货款的供应商都得到了支付，因为整个国家各地的处理流程并不一致。

Beijing has so far refrained from bailing out Evergrande the way it rescued China Huarong Asset Management

Co., a giant state-owned financial institution that in recent years expanded aggressively into areas far beyond its core business of buying bad loans from commercial banks. Huarong incurred heavy losses from some of those activities.

到目前为止，中国 *** 还没有出手像拯救中国华融资产管理有限公司那样救助恒大中国华融资产管理有限公司是一家大型国有金融机构，近年来，该公司在其核心业务——从商业银行购买不良贷款——以外的领域大举扩张华融在其中一些活动中蒙受了巨大损失。

Earlier this year, Huarong’s U.S. dollar bonds plunged in value after the company delayed the release of its annual report. Prices of those securities then surged in August after Huarong said it

would receive a large capital infusion from multiple state-owned financial firms and wasn’t planning a debt restructuring.

今年早些时候，华融推迟发布年报后，其美元债券价值暴跌在华融表示将从多家国有金融公司获得巨额资本注入，且未计划进行债务重组后，这些债券的价格在8月份飙升The Chinese government hasn’t taken similar steps to protect Evergrande’s offshore creditors. The PBOC said Friday that investors in the offshore bond market are “relatively mature” and sophisticated, and there is a clear legal framework for dealing with their issues.。

中国 *** 尚未采取类似措施保护恒大的海外债权人中国人民银行周五表示，离岸债券市场的投资者“相对成熟”且老练，且具备明确的法律框架来处理他们的问题A spokesperson for the China Banking and Insurance Regulatory Commission separately said in a statement that Evergrande’s inability to fulfill its offshore debt obligations “is an individual case in a market economy.” 。

中国银行业和保险监督管理委员会的一位发言人在一份声明中特别指出，恒大未能履行其离岸债务义务“是市场经济中的一个个案”。