China Evergrande reportedly resumes building home projects in Guangdong

Dhwani Mehta FXStreet

According to the latest story carried by Bloomberg, the debt-laden China Evergrande Group is said to have resumed building about 20 home projects in Guangdong.

In another encouraging news on the troubled Chinese property developer group, Marathon Asset Management’s co-founder and Chief Executive Officer Bruce Richards said Thursday, the investment firm is purchasing Evergrande’s debt for the first time this week and will continue doing so at the current low prices.

Separately, industry experts and analysts firmly believe that the Evergrande crisis is unlikely to have any significant impact on the Chinese yuan.

“The Evergrande episode is likely a short-term sentiment hit for CNY FX rather than an instigator of durable currency weakness,” JP Morgan Chase & Co. analyst Tiffany Wang noted recently.

USD/CNH Price Analysis: 6.48 remains a tough nut to crack for bulls

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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