China Evergrande gains six-month extension for Hengda onshore coupon payment
2022.04.27 09:21
FILE PHOTO: A visitor poses for pictures at Castle Hotel on the man-made Ocean Flower Island, an integrated resort development by China Evergrande Group, in Danzhou, Hainan province, China January 7, 2022. REUTERS/Aly Song
HONG KONG (Reuters) – China Evergrande Group’s flagship unit Hengda Real Estate Group Co Ltd said its creditors have approved a six-month extension of a 574 million yuan ($88 million) coupon payment for an onshore bond that was due on Wednesday.
It is the latest of several payment extensions for Evergrande’s onshore bonds.
Struggling with more than $300 billion in liabilities, the giant property developer defaulted on some payments for its offshore bonds last year.
Onshore bondholders of Hengda’s 7% 2026 bond have agreed to delay the coupon payment to Oct. 27, Hengda said in a filing late on Tuesday.
Evergrande said last month it would unveil a debt restructuring proposal for its offshore creditors by the end of July.
Evergrande’s dollar bond due April 2023 traded at 11.815 cents on the dollar on Wednesday morning, versus 12.247 a day earlier.
($1 = 6.5445 yuan)
