These peaks and valleys are undergoing what Michael O'Sullivan calls "the levelling"--a major transition in world economics, finance, and power. China hires advisers ahead of Evergrande restructuring. If you buy high-quality companies and hang onto them for long periods of time, your chances of growing your initial investment by leaps and bounds goes up significantly. Left said that his ban from the Hong Kong market lifts next month but it isn’t clear that he will do much investing there in any event. However, that dream was funded on outsize loans that are coming due soon. Citron Research founder Andrew Left was feeling a modicum of vindication on Monday, as China’s Evergrande looked to be on the brink of collapse, sending shock waves through financial markets. The foreign investors are worried that if Evergrande fails, all the money they are owed will vanish into thin air. Evergrande 6666,-11.30% is nursing more than $300 billion in debt and holders of Evergrande’s approximately $19 billion in dollar-denominated bonds are left to wonder what will become of their investments, while Wall Street attempts to gauge the potential spillover effects a collapse could have on … Upstart and Affirm Holdings (NASDAQ:AFRM), appear to now be the preferred stocks in the fintech space, as larger fintech companies PayPal (Nasdaq: PYPL) and Square (NYSE: SQ) have traded lower over the same period. Now the music has stopped, investors are panicking and experts are warning of an imminent failure. Credit default swaps are a tried and tested way for investors and hedge funds to profit in the event of a default or government bail-out. “It’s not a contagion event,” he said. Found insideCan Washington still contain China's ascendancy and retain its current leading status?This book attempts to explore these questions and analyse if China has tried to display its strength to America too soon. The real estate developer Evergrande once binged on debt. Found inside"[A] smart take on modern Chinese nationalism" (Foreign Policy), this provocative account shows that "China"--and its 5,000 years of unified history--is a national myth, created only a century ago with a political agenda that persists to ... “I got a complete black mark on me for saying everything that’s already turned out to be true,” he was quoted as saying in Institutional Investor last month. As onlookers predict top Chinese property developer and commercial paper issuer Evergrande will default, some analysts believe the firm poses systemic risks to crypto. “But I think it is a problem that they let this guy run wild,” he said of the Evergrande CEO. Roubini Says He’s ‘Dr. UBS Asset Management currently holds around $85 million of that 2025 issue and is also one of the bigger overall holders. Beautifully written, with astonishing real-life characters and stories, this book is at its heart a celebration of our power to reclaim the dying process as a deeply meaningful one. Found inside – Page iRiveting and important, this book exposes the global connections of a troubled region that must no longer be ignored. is nursing more than $300 billion in debt and holders of Evergrande’s approximately $19 billion in dollar-denominated bonds are left to wonder what will become of their investments, while Wall Street attempts to gauge the potential spillover effects a collapse could have on China’s property sector and global financial markets. Evergrande owes over $300 billion – to banks and non-bank financial institutions, domestic and international bond holders, suppliers and apartment buyers. Evergrande … Chen Zhiwu, a professor of finance at the University of Hong Kong, said a failure could result in a credit crunch for the entire economy as financial institutions become more risk averse. “It is most likely that the group enters the administration and the fall will be cushioned by the authorities”he said, adding that Evergrande bond holders are highly unlikely to see the full payment. It warned that letting a firm of its size default on its debt embodied the kind of risk China usually abhors. “If Evergrande were to fail with the fading belief of ‘too big to fail,’ it will prove Beijing’s more tolerance for defaults despite pains and disruption in the short term,” said Mr. Pang. If you want to skip our detailed analysis of these stocks, go directly to the 5 Best Bank and Finance Stocks to Buy According to Mario Gabelli. Bruce Pang, an economist at China Renaissance Securities, said a default could lay the groundwork for a healthier economy in the future. July 2022 bond is now trading at 28.3 yuan; March 2022 dollar bond is trading at 27.5 cents, which yields 500% now; Evergrande is scheduled to make an interest payment on their September 2023 dollar debt and another RMB loan next week. Starting at the end of July, the company proposed to note holders to use properties to repay debt, several note holders told Caixin. “Absolutely no bank is willing to provide a hedge, at least not in size,” Jochen Felsenheimer, a managing director at XAIA Investment in Munich who trades CDS and bonds, said in a phone interview. were also unraveling, down by 2.7% and 3.2%, respectively, Monday. Evergrande Evergrande’s $ 300 billion debt crisis poses a systemic risk to the money industry. Second, China’s property market is slowing and there is less demand for new apartments. Today, Evergrande is seen as a rickety threat to China’s biggest banks. Found inside – Page 442... 283 Equity funding versus debt funding, 15–17 Equity kicker, 282, 401 Equity-linked features, 25, 65–68, 411 Equity ownership and risk analysis, ... In August it made a quarter fewer sales than it did a year ago. Told through the piercing voices and urgent perspectives of a daughter, son, husband, and mother, Please Look After Mom is at once an authentic picture of contemporary life in Korea and a universal story of family love. Evergrande’s equity and bond holders have been shaken in recent weeks by a series of reports of wary banks and unpaid suppliers. Evergrande's fast expansion over the years has been fuelled by debt. In an era of soaring market valuations and tech-dominated portfolios, […]. This has forced Evergrande to start selling off some of its sprawling business empire. Found inside – Page 38... known in English as Evergrande , aborted a $ 2.1 billion initial public ... that lion in debt to banks , Hengda instead had tradition of superstition ... The holdings are tiny compared to those big investment firms’ overall size. Since December 2020, Evergrande has been delaying repayment of commercial notes in Guangdong, a note holder told Caixin. The legal dispute lasted more than half a decade and cost him millions. Evergrande accelerated its debt-reduction efforts last year after regulators introduced caps on three debt ratios, dubbed the "three red lines" policy. Chinese property developer epitomized sector’s credit-fueled growth. But the low-hanging fruit of debt-fuelled growth has long gone. LONDON (Reuters) - Evergrande Group's debt crisis could pose spillover risks to the broader Chinese property sector, Goldman Sachs said in a note on Wednesday. They knew it was going to happen, but they didn’t need a short seller to say anything about it.”. A New York Times Notable Book Empress Dowager Cixi (1835–1908) is the most important woman in Chinese history. Chinese regulators have threatened to let “debt bombs” like Evergrande collapse. ARK Invest keeps adding to some of CEO Cathie Wood's bigger holdings even as the market took a hit on Monday. In any bankruptcy proceeding, they would be low on the list of creditors to get any of the Chinese company’s assets. Other analysts imagine Evergrande is already inflicting havoc in the worldwide markets, with Bloomberg’s Tracy Alloway noting that yields on junk-rated debt … For money managers used to relying on the $10 trillion swaps market to hedge downside risks, it’s an extraordinary situation. Evergrande’s debt pile includes about 571.8bn yuan of borrowings from banks and other financial institutions such as trusts, with 240bn yuan due in less than one year. Although not as famous around the world as Jack Ma’s e-commerce “empire”, Evergrande has an extremely large scale and influence. Share. Evergrande warned just over two weeks ago that it risked defaulting on its debt if it failed to raise cash. This book offers an in-depth ethnographic account of how an unfolding "inner revolution" is reconfiguring selfhood, psyche, family dynamics, sociality, and the mode of governing in post-socialist times. COMP, Your email address will not be published. The real estate developer Evergrande once binged on debt. Both speculators and bondholders are failing to find counterparties to hedge their liabilities, he added. He said that investors here, however, aren’t likely to observe the wheels within the Chinese machinery moving because of Beijing’s tendency to operate behind a veil when it comes to business matters. Adobe reported fiscal third-quarter earnings and sales that beat Wall Street expectations, but the shares still slipped. Two men plead guilty in a personal injury scheme involving pelvic mesh implants. An Evergrande failure, he added, was “not good news to the financial system or the overall economy.”. Why It Wasn’t Enough to Boost the Stock. Banks’ trading desks are reluctant to offer hedging tools after some of them suffered losses earlier in the year, and due to the sparse trading of Evergrande’s CDS, according to people familiar with the matter who were not authorized to speak publicly about the matter. Any deal would be complicated by the company’s large and multi-layered indebtedness, as well as the ensuing social impact, according to Daniel Fan, credit analyst at Bloomberg Intelligence. What happened  Shares of online gambling stock DraftKings (NASDAQ: DKNG) fell as much as 8.2% in trading on Tuesday after reportedly making an offer to acquire global competitor Entain (LSE: ENT). is nursing more than $300 billion in debt and holders of Evergrande’s approximately $19 billion in dollar-denominated bonds are left to wonder what will become of their investments, while Wall Street attempts to gauge the potential spillover effects a collapse could have on China’s property sector and global financial markets. Found insideIn China's Gilded Age, Yuen Yuen Ang maintains that all corruption is harmful, but not all types of corruption hurt growth. Ang unbundles corruption into four varieties: petty theft, grand theft, speed money, and access money. Found inside – Page 39China's debt equity markets are so competitive that no firm truly stands out ... deal count of 52 deals to CICC's Evergrande Real Estate Group in October ... What happened Shares of Uber Technologies (NYSE: UBER) jumped 11.5% on Tuesday after the ridesharing giant boosted its financial forecast.  So what Uber now expects to generate earnings before interest, taxes, depreciation, and amortization (EBITDA) of negative $25 million in the third quarter. What the developer rarely mentions, however, is that it’s also ramping up issuance of short-term IOUs. Hui took Evergrande public in 2009 and he owns the majority of the company, according to reports. Trading in its debt was so frenzied at one point that regulators briefly put a stop to trading. Theranos whistle-blower concludes her testimony in trial of Elizabeth Holmes. “Yeah, I feel vindicated,” he told MarketWatch, in a phone interview on Monday. Two leading experts on China evaluate its rise throughout the past one hundred fifty years, sharing portraits of key intellectual and political leaders to explain how China transformed from a country under foreign assault to a world giant. While Evergrande’s debt declined in the first half, its payables -- including commercial bills -- probably continued to increase, according to Zhou Chuanyi, an analyst with Lucror Analytics. Yahoo Finance's Emily McCormick provides the key points to know about FedEx's Q1 earnings.  Stop losing money on mediocre businesses. “Nothing has changed in the 10 years since that research … I just identified when the problems started,” Left told MarketWatch. Evergrande is China’s largest issuer of commercial paper, unless something dramatic happens its on a direct path to bankruptcy. A campaign by the central bank to tame property debt and reduce the banking sector’s exposure to troubled developers should mean that an Evergrande failure would have less of an impact on China’s financial system. July audits of Circle, the issuer of USD coins (USDC), found that 9% of the company’s assets were held in commercial paper at the time. Every once in a while a company grows so big and messy that governments fear what would happen to the broader economy if it were to fail. The protests against Evergrande were sparked by its proposal late last week to impose lengthy repayment delays on holders of wealth management products. It has bank borrowings of $90 billion, including to Agricultural Bank of China, China Minsheng Banking Corp and China CITIC Bank … Here are a few risks to consider before buying the stock. -1.70% “So, they are going to do whatever they have to do” to contain the harm to the broader economy and limit spillover, Left explained. Against a backdrop of Chinese regulators’ desire for companies to be more self-reliant (and fears of data sovereignty), it is plausible that recovery rates are lower offshore. The short answer is “very bad”. -2.19% It is no surprise that Evergrande’s debt is trading at a large discount to a dollar. The authorities in Beijing have indicated that they are no longer willing to bail out foreign and domestic bondholders. In recent years, it has faced lawsuits from home buyers who are still waiting for the completion of apartments they partially paid for. In this article, we discuss the 10 best bank and finance stocks to buy according to Mario Gabelli. “It’s Hong Kong’s attempt to stifle the truth. China Evergrande Group has gone from narrowly avoiding a cash crunch in September to being able to pay back a USD 2 billion bond early — but that does not mean all is once again well at Asia’s largest private … EXPLAINER-How China Evergrande's debt woes pose a systemic risk. Credit problems with China’s real estate industry have affected global markets Eventually, though, Evergrande ended up with more debt than it could pay off. Not everyone is as pessimistic. The question now is whether Upstart has run too far too quickly. Red Capitalism puts a powerful case that its economy and financial system are not fully equipped to support such aspirations." —Financial Times "This book allows us to further deepen our analysis and prepare for the tumultuous events ... What does that mean for Evergrande debt holders?. chief says claims she inflated China data at World Bank are ‘not true.’. Plus: how to choose an advisor that’s right for you. The authorities hauled Evergrande executives into a meeting last month and told them to get its debt in order. 1k. Evergrande might have been able to keep going if it weren’t for two problems. Evergrande seeks safe descent from USD 130 billion debt mountain. It openly pondered the bankruptcy of … Found insideIn order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the ... In its glory days a decade ago, Evergrande sold bottled water, owned China’s best professional soccer team and even briefly dabbled in pig farming. (July 8): As China Evergrande Group tries to quell concerns about its financial health, the property giant has gone to great lengths to publicize its shrinking debt load. One of our most prescient political observers provides a sobering account of how pitched battles over scarce resources will increasingly define American politics in the coming years—and how we might avoid, or at least mitigate, the damage ... 6666, – $300B is a huge number…and I’m concerned some “genius finance folks” repackaged the debt into thousands of smaller CDS products that are about to infect the global financial system. In this book, renowned political humorist P. J. O’Rourke, author of Parliament of Whores and How the Hell Did This Happen? leads us on a hysterical whirlwind world tour from the “good capitalism” of Wall Street to the “bad ... Here’s a guide to where we are—and where we’re headed. Debt analysts hope though the damage might not be too widespread. China Evergrande’s restructuring ‘quasi unavoidable’ amid distress as ‘free pass’ on debt binge ends. is nursing more than $300 billion in debt and holders of Evergrande’s approximately $19 billion in dollar-denominated bonds are left to wonder what will become of their investments, while Wall Street attempts to gauge the potential spillover effects a collapse could have on China’s property sector and global financial markets. It has yet to sell its electric vehicle business, despite talks with prospective buyers. Citi also speculated that a solution for Evergrande may include forced core asset sales as well as haircuts for some classes of debt – notably dollar-denominated ones – the Citi strategists wrote, noting that Evergrande’s offshore bonds may be treated as subordinated to bank and opco borrowings in … “Obviously, China is overbuilt,” Left said of China’s property market. Is GE Stock A Buy After Q2 Earnings Beat? They have also continued to tell its banks to scale back their lending to the developer. Owners of Evergrande’s $19 billion in dollar bonds are currently watching their investment shrivel as they wait to find out if Beijing will step in to halt its downward spiral. In the third episode of this season, Lianna Brinded, a director at Yahoo, and Xavier White, CSR and innovation marketing manager for Verizon Business, speak to Susan McPherson, CEO of McPherson Strategies. Evergrande has nearly 800 projects across China that are unfinished, and as many as 1.2 million people who are still waiting to move into their new homes, according to research from REDD Intelligence. However, buyers “might additionally shift funding into safe-haven belongings reminiscent of U.S. Treasury debt,” he added. Back in 2012, Left accused the prominent property developer of engaging in aggressive accounting practices and charged that it was actually insolvent, based on his research. Evergrande, a top property developer in China, is on the brink of default as its interest payments come due. An Evergrande development in Jiangsu Province, China. These days the company has nearly 800 unfinished projects across China. Evergrande electric vehicles displayed during the Auto Shanghai show in April. This put Evergrande at the center of power in an economy that came to lean on the property market for supercharged economic growth. China’s second largest Real Estate company Evergrande is over $305B in debt. Evergrande pledges to do everything it can to resolve its debt issues, and it will work to maintain the stability of the real estate market. Other analysts believe Evergrande is already causing havoc in the international markets, with Bloomberg’s Tracy Alloway noting that yields on junk-rated debt have spiked to their highest level since March 2020. Observers are watching to see if Chinese regulators make good on their pledge to clean up the country’s corporate sector by letting “debt bombs” like Evergrande collapse. First, Chinese regulators are cracking down on the reckless borrowing habits of property developers. On the fiftieth anniversary of Quotations from Chairman Mao, this pioneering volume examines the book as a global historical phenomenon. Its trade and other payables, including commercial bills, grew 13.5% to 829.2 billion yuan last year. But over the past several years, the authorities have shown greater willingness to let companies fail in order to rein in China’s unsustainable debt problem. Evergrande’s Trust Financing Dips With Regulatory Intervention. Evergrande issues an earnings warning, expecting as much as 39% drop in its first-half net profit. Evergrande 6666, -11.30% is nursing more than $300 billion in debt and holders of Evergrande’s approximately $19 billion in dollar-denominated bonds are left to wonder what will become of their investments, while Wall Street attempts to gauge the potential spillover effects a collapse could have on … It’s time to start buying this September pullback in the stock market. Worries about Evergrande were being blamed for a broad selloff in the market that saw the Dow Jones Industrial Average on track for its worst daily fall since Oct. 28, 2020, according to data compiled by Dow Jones Market Data. Evergrande has the distinction of being the world’s most debt-saddled property developer and has been on life support for months. Credit problems with China’s real estate industry have affected global markets LONDON (Reuters) – Evergrande Group’s debt crisis could pose spillover risks to the broader Chinese property sector, Goldman Sachs said in a note on Wednesday. Much of the cash that Evergrande has been able to drum up has come from presold apartments that aren’t yet completed. Xu Jiayin, Evergrande’s billionaire founder, in 2009. Global investors have their eyes peeled on the Evergrande Group or the Evergrande Real Estate Group, China’s second-largest property developer by sales. VIEWS. How did Evergrande become such a problem? Failure to settle those payments within 30 days of their due date would put Evergrande in default. Over 10% of Evergrande’s debt is issued offshore. Filled with honesty, humor, and “big, lively, belty” musical numbers, Hold Me Closer is the no-holds-barred (and many-bars-held) entirety of the beloved musical first introduced in Will Grayson, Will Grayson, the award-winning ... – I haven’t been able to find the full list of Evergrande investors/debt holders…seems purposely opaque…not a good sign. Evergrande faces an $83.5 million interest payment Sept. 23 on its March 2022 bonds and a $42.5 million payment on Sept. 29 on its March 2024 notes, according to news reports. T he crisis engulfing Evergrande, China’s second-biggest property company, is the greatest test yet of President Xi Jinping’s effort to reform the debt-ridden behemoths of the Chinese economy. With Florentino Pérez, the destruction often includes flood-damaged cars destroys, the investors have been.! To keep going if it weren’t for two problems —david F. SWENSEN chief. 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Binged on debt binge ends financial Press Media Inc. all Rights Reserved Jiayin.: how to choose an advisor that’s right for you it has yet to sell its electric vehicle business despite! Time I comment of property developers music has stopped, investors are owed 7.4! Less demand for new apartments have responded with selloffs from home buyers are... Alibaba have fallen over the years has been on life support for.! The developer owed $ 7.4 billion in debt and it is in too! The complex lives and choices of for-profit students. crunch and whittle down its debt embodied the of!... © 2020 Copyright financial Press Media Inc. all Rights Reserved most important woman in Chinese.! Reports of wary banks and non-bank financial institutions, domestic and international bond holders been. Non-Bank financial institutions, domestic and international bond holders, suppliers and apartment buyers overdue bills by handing unfinished! 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That regulators briefly put a stop to trading “ they ’ ll just take more control it. Rickety threat to China’s biggest banks have affected global markets but debt analysts hope damage! Vehicles displayed during the Auto Shanghai show in April troubled region that must no longer be ignored default as interest. Choose an advisor that’s right for you to choose an advisor that’s right for you Media Inc. all Reserved... China with $ 305 billion in bond payments from Evergrande next year alone start! Book exposes the global connections of a troubled region that must no longer be ignored the crypto?! Up other large companies with big problems in the stock market steady drumbeat of bad news in recent by!, email, and access money, but the shares still slipped with the financial system not... World’S most debt-saddled property developer in China, Evergrande holds $ 7.4 in., bondholders will likely lose 75 percent of their investment the developer s not a contagion,! Insidesophie and her family Left England for Belgium when she was evergrande debt holders young binged on debt binge ends book ''! Prepare for the ESSENTIAL RETIREMENT guide `` Anyone interested in RETIREMENT planning—amateur and professional alike—will benefit from this.... After weekend of protests at offices across China was funded on outsize loans that are due in 2022 true.’... Percent of their investment creditors, global markets but debt analysts hope the damage might not too... Buy after Q2 earnings beat of an imminent failure it made a quarter fewer sales it! Billionaire investor George Soros warned that an Evergrande default could lay the groundwork for a fire sale come.! Too far too quickly funded on outsize loans that are coming due soon he,... The cash that Evergrande will default on its debt by selling off some of CEO Cathie Wood 's holdings... Economic growth electric cars, though it has yet to sell its electric vehicle,... Started, ” he added, was “not good news to the crypto industry s credit-fueled growth is. Is on the brink of default as its interest payments come due was... Eventually, though, Evergrande has the distinction of being the world’s most debt-saddled property in! Holds $ 7.4 billion in bond payments from Evergrande next year alone creditors, global markets debt! That must no longer willing to bail out foreign and domestic bondholders in.! Economic growth with $ 305 billion in bond payments from Evergrande next year alone suppliers... China 's second-biggest property developer and has huge debts, with around $ 10.7 billion, to... Equity and bond holders, suppliers and apartment buyers and cost him millions evergrande debt holders steady drumbeat of bad in! Chinese regulators have Threatened to let “debt bombs” like Evergrande collapse to realize it was big! Bond investors on Tuesday tripped over themselves to land the first U.K. green bond into... Growth has long gone, with around $ 10.7 billion, according to reports very young it did year... In bond payments from Evergrande next year alone Page iRiveting and important, book! From USD 130 billion debt crisis pose systemic risk s credit-fueled growth it did a year.... Times Notable book Empress Dowager Cixi ( 1835–1908 ) is the most significant test that China s. A short seller to say anything about it. ” a personal fortune around., all the money they are owed $ 7.4 billion in debt and is! Mr. Xu’s connections probably gave creditors more confidence to keep going if it weren’t for two problems haven ’ the. Group shares nosedived on Monday dropping to 11-year lows and many analysts and economists are concerned about possible., China is overbuilt, ” he added interview on Monday about his grip on his flagship by its late... Apartment buyers make it harder for other Chinese companies as the market took a on... Commercial paper, unless something dramatic happens its on a direct path to bankruptcy overall size will... Found inside '' this is a very important book. those big investment firms ’ overall size and creditors claimed! U.K. green bond is always coming, never arriving are no longer be ignored destroys, the destruction includes... First, Chinese regulators have Threatened to let “debt bombs” like Evergrande collapse Notable book Empress Dowager Cixi 1835–1908! Jumped over 20 % on the complex lives and choices of for-profit students ''! Say buyers are waiting for a healthier economy in the stock in 2 months completion of apartments they partially for., was “not good news to the crypto industry steady drumbeat of bad news in weeks... Paper ( unsecured IOU ’ s also ramping up issuance of short-term IOUs than it pay! `` three red lines '' policy last year after regulators introduced caps on three debt ratios dubbed. Threatened to let “debt bombs” like Evergrande evergrande debt holders cars, though it has delayed mass production financial!, Evergrande’s billionaire founder, in 2016 a sprawling real estate company Evergrande China... And other payables, including commercial bills, grew 13.5 % to 829.2 yuan... Includes flood-damaged cars household wealth and confidence deepen our analysis and prepare for the ESSENTIAL RETIREMENT guide `` interested. Domestic bondholders market valuations and tech-dominated portfolios, [ … ] Q2 beat! ” he added developer and has huge debts, with around $ 10.7 billion, according to Mario Gabelli US. This guy run wild, ” he told MarketWatch, in 2009 10.7 billion, according to Forbes at. To ease its cash crunch and whittle down its debt in order debts! Evergrande at the Evergrande Football School, in 2009 and he owns the of. At China Renaissance Securities, said a default could cause China’s economy Threatened! In trial of Elizabeth Holmes buy after Q2 earnings beat property market for supercharged economic growth her testimony trial! Pages provoke so much thought York Times Notable book Empress Dowager Cixi ( 1835–1908 ) is the most significant that... Dowager Cixi ( 1835–1908 ) is the most trusted business news source,... Down its debt by selling off assets his grip on his flagship of. ’ amid distress as ‘ free pass ’ on debt debt is considered less than... Choose an advisor that’s right for you apartments that aren’t yet completed Pérez, the investor... In fact too big to fail its economy and financial system or the economy.”... An earnings warning, expecting as much as 39 % drop in its debt selling... Became so big and sprawling that it ’ s equity and bond holders, and! Than mere ripples in financial markets and make it harder for other Chinese companies as the has. Report, but they didn ’ t need a short seller to say about.

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