China asks local governments to prep for Evergrande downfall

China asks local governments to prep for Evergrande downfall

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Ang Bao

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1. reach out:  to make an effort to do something for other people
- The church is reaching out to help the poor.
2. offset: to cancel or reduce the effect of (something) 抵消
- Gains in one area offset losses in another.
3. unrest: a situation in which many of the people in a country are angry and hold protests or act violently 社会动荡、群体事件
4. step in: to become involved in an activity, discussion, etc., in order to prevent trouble or provide help 介入、插手
5. back: to provide evidence that supports (something)
- She backed her argument with written evidence.
6. work out: to find or create (something, such as a solution or a plan) by thinking 想出解决办法
- We worked out a plan to save money.
- We'll work the details out later.
7. convene: to come together in a group for a meeting 召集召开会议
8. (go) all in: fully committed to or involved in something 全力投入做某事
9. iffy: having many uncertain or unknown qualities or conditions; not certain
- an iffy situation/proposal/decision
10. dollar-denominated bond: 美元计价的债券

https://bbs.bizedu.net/viewtopic.php?f=4&t=1230

The journal is quoting sources saying that local officials have been ordered to prepare for a possible storm. So, that means reaching out to private as well as state developers to try to find a way to take over a certain real estate assets if necessary, also to study ways to offset the impact on home buyers and jobs, look at the broader impact on the economy, setting up teams to prevent unrest, and only stepping in at the very last minute if Evergrande isn't able to sought out its own issues.

So this report is really backing the general impression that Beijing does not want to step in with direct support but would rather find another solution most preferably for the company to work out its own issues.

And we heard late yesterday the founder of Evergrande had convened a meeting of four thousand of its managers to try to, encourage them to go all-in, he said, to try to guarantee homes, and to prioritize wealth investors in their discussions and their efforts to try to survive.

Now here where I am right now at an unfinished Evergrande project in Beijing, home owners are still very uncertain about what all this means, especially because the debt is so large, the communication has been a little bit iffy. Staff here have been saying, what the founder has been saying which is that those homes are going to be delivered but there's still a whole lot of question marks in their minds of the home owners who've been coming here all day, worried about the debt. And of course, as you know, a part of that debt is the interest payment on a dollar-denominated bond which is supposed to be coming today, and we still have no word about that.

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