China Evergrande's Offshore Bond Default Imminent

An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File Photo
An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File Photo
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China Evergrande's Offshore Bond Default Imminent

An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File Photo
An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File Photo

China Evergrande Group is expected to default on its offshore bond payment obligations imminently, investment bank Moelis & Co, which has been selected as an advisor by a group of the cash-strapped developer's bondholders said on Friday.

Evergrande, which is facing one of the country's largest defaults as it wrestles with more than $300 billion of debt, has already missed coupon payments on dollar bonds twice last month, reported Reuters.

The missed payments, worth a combined $131 million, have left global investors wondering if they will have to swallow large losses when 30-day grace periods end for coupons that were due on Sept. 23 and Sept. 29.



China Vows Tougher Action against Smuggling of Strategic Minerals

A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
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China Vows Tougher Action against Smuggling of Strategic Minerals

A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)

China vowed on Saturday to step up a crackdown and toughen law enforcement against smuggling of strategic minerals seen as vital to national security and critical for development.

The remarks by the commerce ministry came a day after the state security ministry accused foreign spy agencies of having tried to "steal" rare earths and pledged to crack down on infiltration and espionage targeting the critical sector.

The world's largest supplier of dozens of strategic minerals, China began imposing export curbs in 2023 on supplies vital to sectors ranging from chipmaking and the energy transition to defense.

The commerce ministry remarks, describing smuggling and export of strategic minerals as a severe problem to be combated, came at a meeting of officials responsible for export control coordination and other government bodies.

"Cases of smuggling by a small number of criminals for their own selfish interests and collusion between domestic and foreign parties are still occurring," it said in a statement.

Evasive methods such as false declarations and third-country transshipment were taking on increasingly covert forms, it added, urging government bodies to prevent illegal outflows of strategic minerals and related technologies.

China has adopted a "zero-tolerance" approach to smuggling and export of strategic minerals, which it will fight with a heavy hand, through special efforts to toughen law enforcement, the ministry said.

In May China said it would strengthen controls on the entire supply chains of strategic mineral exports while tightening its grip on materials deemed crucial to national interest.

Earlier, Beijing launched a special campaign to tackle smuggling of strategic minerals such as gallium, germanium, antimony, tungsten and some rare earths.