Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>Be a hero, just take Evergrande to zero. The scrip isn't worth the paper their written on; </li>
<li>Without an Act of God, the likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil; and </li>
<li>Major creditor, China Cinda, be placed in charge creates a massive conflict of interest that no investor or creditor should get comfortable with.   </li>
</ul>


Be a hero, just take Evergrande to zero. The scrip isn't worth the paper their written on; 
Without an Act of God, the likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil; and 
Major creditor, China Cinda, be placed in charge creates a massive conflict of interest that no investor or creditor should get comfortable with.   


China Evergrande Group – Just Stop the Nonsense

<ul>
<li>Aggressive foreclosure of Evergrande assets suggests a sea change in how mainland China is handling real estate company defaults – especially with foreign creditors; </li>
<li>Creditor China Cinda’s involvement on the seven-member risk management committee and the appointment of a Cinda senior executive is an alarming conflict of interest; and </li>
<li>4Q21 earnings season will be huge tell for mainland Chinese NPLs which likely peak at 20% of total loans.   </li>
</ul>


Aggressive foreclosure of Evergrande assets suggests a sea change in how mainland China is handling real estate company defaults – especially with foreign creditors; 
Creditor China Cinda’s involvement on the seven-member risk management committee and the appointment of a Cinda senior executive is an alarming conflict of interest; and 
4Q21 earnings season will be huge tell for mainland Chinese NPLs which likely peak at 20% of total loans.   


<ul>
<li>Mainland Chinese municipalities and authorities continue to find numerous ways to bone pick the Evergrande carcass without compensation; </li>
<li>Evergrande’s offshore bondholders are now threatening legal enforcement of collateral over the company’s “opaque” debt restructuring process; and </li>
<li>Guangdong province is seeking to segregate Evergrande’s offshore assets in a fire sale to cover what they can of the company’s offshore debt. </li>
</ul>


Mainland Chinese municipalities and authorities continue to find numerous ways to bone pick the Evergrande carcass without compensation; 
Evergrande’s offshore bondholders are now threatening legal enforcement of collateral over the company’s “opaque” debt restructuring process; and 
Guangdong province is seeking to segregate Evergrande’s offshore assets in a fire sale to cover what they can of the company’s offshore debt. 


China Evergrande Group – Vultures Circling

<ul>
<li>Evergrande Is Breaking Down More Rapidly Than Banks Have Kept Up; </li>
<li>Minsheng Has Significant Exposure to Evergrande and Other Problem Developers; and </li>
<li>Minsheng Is Not Insolvent, But It Is Getting There Very Quickly. </li>
</ul>


Evergrande Is Breaking Down More Rapidly Than Banks Have Kept Up; 
Minsheng Has Significant Exposure to Evergrande and Other Problem Developers; and 
Minsheng Is Not Insolvent, But It Is Getting There Very Quickly. 


China Evergrande Group – More Casualties

<ul>
<li>
Bad To Worse:Under mainland China’s real estate development law, the government has the right to repossess idle land sold to any developer without compensation;</li>
<li>
Demolition Man: Danzhou City is now in on the act, forcing China Evergrande Group (3333.HK) [Evergrande] to demolish 39 buildings for various violations; and</li>
<li>
Banks To Eat This As Well: Without any compensation to Evergrande, mainland Chinese banks no doubt will finally be writing down their exposure on Evergrande's now non-existent buildings.</li>
</ul>



Bad To Worse:Under mainland China’s real estate development law, the government has the right to repossess idle land sold to any developer without compensation;

Demolition Man: Danzhou City is now in on the act, forcing China Evergrande Group (3333.HK) [Evergrande] to demolish 39 buildings for various violations; and

Banks To Eat This As Well: Without any compensation to Evergrande, mainland Chinese banks no doubt will finally be writing down their exposure on Evergrande's now non-existent buildings.


China

Shengjing Bank Co. Ltd. provides banking services. The Company offers various financial services, funds business, international business, and investment services for individuals and small and medium enterprises.

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Shengjing Bank Co Ltd H (2066 HK)

China Evergrande Group – Just Stop the Nonsense

EVERGRANDE: The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil. Major creditor, China Cinda, be...

Thomas J. Monaco

China Evergrande Group – Tug of War

EVERGRANDE: Aggressive foreclosure of assets is a sea change in mainland China. 4Q21 earnings season will be huge tell for mainland Chinese NPLs...

Thomas J. Monaco

China Evergrande Group – Vultures Circling

EVERGRANDE: Offshore bondholders are now threatening legal enforcement of collateral over the company’s “opaque” debt restructuring process, with...

Thomas J. Monaco

China Evergrande Group – More Casualties

EVERGRANDE: Evergrande Is breaking down more rapidly. Minsheng has significant exposure to Evergrande and other problem developers. While Minsheng...

Thomas J. Monaco

China Evergrande Group – Razing Cain

EVERGRANDE: Danzhou City is forcing Evergrande to demolish 39 buildings for various violations. Mainland Chinese banks no doubt will write down...

Thomas J. Monaco

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