China Evergrande gains six-month extension for Hengda onshore coupon payment
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TUESDAY, AUGUST 16, 2022
China Evergrande gains six-month extension for Hengda onshore coupon payment

Global Economy

Reuters
27 April, 2022, 12:35 pm
Last modified: 27 April, 2022, 12:36 pm

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China Evergrande gains six-month extension for Hengda onshore coupon payment

Reuters
27 April, 2022, 12:35 pm
Last modified: 27 April, 2022, 12:36 pm
Photo: Reuters
Photo: 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. read more

Evergrande's dollar bond due April 2023 traded at 11.815 cents on the dollar on Wednesday morning, versus 12.247 a day earlier.

china / Bond / gain / Payment

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