https://threadreaderapp.com/thread/1418302465557110785.html Questions to be answered: Where does Bank of Crypto put its billions? Who's issues $30bn in AA Intl CP willing to pay anything? Why did Tether printer stop in June at the same time as Evergrande liquidity dries? Why is Fitch labeling Tether as a systematic risk? Why China now demanding CP info? TL;DR: There is zero chance this is going to end up well. I just hope the crash won't bring the whole market down.
Pekelo been saying the same shit since crypto was first brought on this forum. If he would just tell himself to shut the fuck up and that he is wrong he would have made tons of money already. "The market is gonna crash" as the FED balance sheet goes up because they are buying everything. Nothing is crashing until everything is bought and then when the market does eventually crash you will see an explosion in the debt market first. You chicken shits..ooops i mean littles are hilarious around here.
Secretive Property Firm Doubles Down on Money-Losing Evergrande Bet By Venus Feng and Blake Schmidt 23 July 2021 https://www.bloomberg.com/news/arti...r-doubles-down-on-money-losing-evergrande-bet Asia Orient group’s holdings have $1 billion face value Poon Jing’s company is now sitting on unrealized losses A little-known property company has been adding to its money-losing wager on China Evergrande Group, amassing bond holdings with a face value of $1 billion despite growing fears of a default. Asia Orient Holdings Ltd., led by secretive tycoon Poon Jing, disclosed its position in a Hong Kong exchange filing this week showing it and group firms had spent at least $230 million on Evergrande debt over the past year. Asia Orient added to holdings in the midst of a deep market selloff on June 9, while an affiliate made purchases about a week later. With Evergrande bonds now trading near record lows, Poon’s company and its affiliates are sitting on unrealized losses on disclosed holdings. It’s another example of how billionaire Hui Ka Yan’s Evergrande has attracted backers willing to invest in the world’s most indebted developer during times of market stress. Hui has often counted on his tycoon friends, such as the group of magnates called the Big Two poker club, to buy when Evergrande’s shares and bonds were tumbling. “You do see the same names sort of cropping up” in Evergrande deals, said Nigel Stevenson, an analyst at GMT Research Ltd. in Hong Kong. He said social connections probably play an important role in many Evergrande transactions. Asia Orient, which didn’t respond to requests for comment, and its group firms are sitting on potential losses on Evergrande bond investments disclosed in the filing this week, according to data compiled by Bloomberg. For example, the company invested $39.7 million in Evergrande dollar bonds due 2023 at the end of September, when the notes were trading between 76 cents and 91 cents on the dollar. Those same bonds are now priced at around 58 cents. Evergrande’s bonds have tumbled over the past two months amid reports of rising regulatory scrutiny, missed payments to suppliers and increasingly wary banks. Earlier this week, at least four of Hong Kong’s largest lenders stopped providing mortgages to buyers of Evergrande’s unfinished apartments in the city. At least two lenders are reconsidering the halts on mortgages, after the decisions were questioned by Hong Kong’s de facto central bank, according to people familiar with the matter. Asia Orient and its affiliates have continued to buy, just as they did during Evergrande’s last liquidity crisis in the fall of 2020. The company and its units snapped up $43.5 million in Evergrande notes on June 8-9, according to an exchange filing. A group company bought $2.6 million of the bonds on June 18. Asia Orient is the parent of Asia Standard Hotel Group Ltd. and Asia Standard International Group Ltd., both of which are also listed in Hong Kong. The group has business in Hong Kong, Shanghai, Beijing and Vancouver. Poon’s sons, Poon Hai and Poon Yeung, and his brother-in-law, Clement Fung, all sit on Asia Orient’s board. Asia Standard Hotel and Asia Standard International didn’t respond to requests for comment. Asia Orient and its units have been accumulating Evergrande bonds since at least 2016, according to company reports. Investments accounted for most of Asia Orient’s recurring income, with listed debt securities making up 97% of its portfolio as of the end of September, according to a semi-annual report for the six months ended Sept. 30. Most of the issuers are mainland Chinese developers, including Kaisa Group Holdings Ltd. and Jiayuan International Group Ltd. — With assistance by Rebecca Choong Wilkins, and Pratish Narayanan
Evergrande’s Boss Needs a Lot of New Friends Hui Ka Yan has gotten out of trouble before with the help of poker club pals and longtime suppliers. But this cash crunch may be existential. By Shuli Ren 21 July 2021 https://www.bloomberg.com/opinion/a...s-may-have-run-out-of-friends-and-out-of-time Hui Ka Yan Photographer: Bloomberg/Bloomberg In the past, China Evergrande Group has always been able to wiggle out of trouble. In turbulent times, billionaire founder Hui Ka Yan would turn to his tycoon friends to prop up his stocks and bonds. The persistent support they’ve provided — buying up Evergrande debt — is why the developer is also Asia’s largest dollar junk bond issuer. Hui’s pals were at it again earlier this week. As the real estate developer’s bonds tumbled to record lows, CST Group Ltd. said in a filing that it had bought $11 million worth of Evergrande bonds on the open market. Billionaire Cheung Chung Kiu — one of Hui’s buddies in what’s called the Big Two poker club — has a stake in CST. Last September, during another credit crunch, the investment firm bought Evergrande bonds as well, helping to stabilize a market that had grown jittery over another bad turn in the property developer’s fortunes. Friends may not be enough now. This credit crunch is a lot more severe. With Evergrande’s 2025 dollar bond trading at only 50 cents on the dollar on Wednesday, it’s clear investors are already pricing in a potential default. Furthermore, fresh revelations this week have called into question how much cash Evergrande really has on hand to cover bonds that are coming due. The endgame is near.........
Doesn't make him wrong. You sound butthurt, did you buy at 60K? Sorry for your loss. Stepanopapulapodopos had been saying the same shit about Madoff, and we know how that story turned out. My bad, you don't...
Even if i did buy at 60, im smart enough to not have that be my avg cost. Sorry that didnt cross your mind in your drunk rambling. Id be drowning my sorrows too if i missed out on the biggest wealth transfer in history. Madoff and Crypto are not worthy comparisons. Good try tho. Toodles
He started ragging on me just now in the Hardware forum about unnecessary expenses. IamThe is out of his mind tonight. Give him a pass.