BEIJING/HONG KONG—China Evergrande Group will seek a six-month delay in the redemption and coupon payments of a 4.5 billion yuan ($157 million) bond in a meeting with bond holders this weekend, underscoring the pressure on the debt-laden property developer. Evergrande is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of offshore bonds deemed in cross-default by rating agencies last month after it missed payments. The delay is being sought due to the “current operational status” of the issuer, Hengda, the flagship property arm of Evergrande, said in a statement on Wednesday. It didn’t provide any further details on why the delay was sought. The online meeting with the yuan bondholders will vote on a few proposals on Jan. 7–10. Evergrande is seeking to defer redemption and coupon payments of Hengda Real Estate Group’s 4.5 billion yuan 6.98 percent January 2023 bond to July 8 from …
As Pressure Mounts, China Evergrande Seeks Delaying Onshore Bond Payment
January 6, 2022
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