(Bloomberg) -- China Evergrande Group’s debt crisis “is all manageable” even as lenders are hurt by the property developer’s troubles, Ray Dalio said.
“Investors will be stung -- that’s how it works,” Dalio, the founder of hedge fund Bridgewater Associates, said in an interview Tuesday with Tom Keene on Bloomberg Television. “The system will be protected because it’s denominated in its own currency.”
Evergrande -- China’s largest property developer, with $300 billion of liabilities -- missed interest payments due Monday to at least two of its largest bank creditors, taking the cash-strapped developer a step closer to one of the nation’s biggest debt restructurings. Evergrande slid deeper in equity and credit markets Tuesday, fueling concerns about broader contagion after S&P Global Ratings said the developer was on the brink of default.
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