SHANGHAI/BEIJING/HONG KONG—China Evergrande Group missed paying bond interest due on Wednesday, two bondholders said, its second unpaid offshore debt obligation in a week, although the cash-strapped company on Thursday made a partial payment to some of its onshore investors. The company, reeling under a debt pile of $305 billion, was due on Wednesday to make a $47.5 million bond interest payment on its 9.5 percent March 2024 dollar bond, after having missed $83.5 million in coupon payments last Thursday. With liabilities equal to 2 percent of China’s GDP, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world, though worries have eased somewhat after the central bank vowed to protect homebuyers’ interests. The central bank on Wednesday urged financial institutions to cooperate with relevant departments and local governments to maintain the “stable and healthy” development of the real estate market and safeguard housing …
Evergrande Misses Second Offshore Bond Payment; Some Onshore Investors Get Partial Payment
September 30, 2021
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