HONG KONG — Some offshore bondholders of China Evergrande Group did not receive coupon payments by the end of a 30-day grace period, four people with knowledge…
HONG KONG/SHANGHAI — Teetering Chinese property giant China Evergrande formally abandoned plans to sell a $2.6 billion stake in one of its key units on…
China Evergrande Group offshore bondholders are concerned that it is close to defaulting on debt payments and want more information and transparency from the cash-strapped property developer, their advisers said.
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Shengjing Bank, one of the main lenders to Evergrande, had demanded that all net proceeds from the disposal be used to settle the financial liabilities of the property developer due to the lender, Evergrande said in an exchange filing.
Evergrande which has nearly $20 billion in offshore debt, was due on Wednesday to make a $47.5 million bond interest payment on its 9.5% March 2024 dollar bond. It also missed paying a $83.5 million in coupon on another bond last Thursday
The company, which has nearly $20 billion in offshore debt, was due on Wednesday to make a $47.5 million bond interest payment on its 9.5% March 2024 dollar bond.