HONG KONG, Sept 23 — Chinese regulators have asked China Evergrande Group to avoid a near-term default on its dollar bonds, Bloomberg Law reported today, the day the troubled property developer is due to make a much-awaited interest payment on its offshore debt. In a recent meeting with...
HONG KONG, Sept 23 — Chinese regulators have asked China Evergrande Group to avoid a near-term default on its dollar bonds,reported today, the day the troubled property developer is due to make a much-awaited interest payment on its offshore debt.
The company, China’s second-biggest property developer, has US$83.5 million in dollar-bond interest payments due today on a US$2 billion offshore bond and a US$47.5 million dollar-bond interest payment due next week. Investors worry that the rot could spread to creditors including banks in China and abroad, though analysts have been downplaying the risk that a collapse would result in a “Lehman moment”, or a systemic liquidity crunch.There is mounting pressure on the company to act as the frustration of homebuyers and retail investors who have sunk their savings into its properties and products grows.
Country Garden, China’s largest developer, climbed 7 per cent, Sunac China jumped 9 per cent and Guangzhou R&F Properties ended 7.5 per cent higher.
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