22 Sept 2021
HSBC & BlackRock; Among Largest Buyers of Evergrande Debt
The Index Today
Major investment banks including HSBC and UBS along with Fund Giant Blackrock have been named the largest debt buyers for Evergrande according to data released by Morningstar.
BlackRock has added 31.3 million notes of the debt from January to August this year, increasing its stake to 1%. HSBC has also boosted its position in Evergrande by 40% from 25% in July.
Other large firms such as a Pimco, Fidelity and Allianz have reduced their positions up to 47% in Evergrande. Investors fear that the Chinese property developer is on the verge of default and will affect the global economy.