China Evergrande unit will make onshore bond coupon payments on Sept 23

FILE PHOTO: An unfinished residential building is pictured through a construction site gate at Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 16, 2021. REUTERS/Carlos Garcia Rawlins

SHANGHAI (Reuters) -China Evergrande Group’s main unit said on Wednesday that it would make a bond interest payment on Sept. 23 after private negotiations with bondholders, as global investors worry over a possible default by China’s No. 2 property developer.

In a Shenzhen exchange filing, Hengda Real Estate Group Co Ltd said the company would make a coupon payment on its Shenzhen-traded 5.8% September 2025 bond on time on Thursday.

The company did not detail its plan for interest payments, saying only that the bond “has already been resolved through private negotiations.”

The company’s coupon payment totals 232 million yuan ($35.88 million), according to Refinitiv data.

Evergrande is also due to make an $83.53 million coupon payment on an offshore dollar bond on Thursday. The Shenzhen exchange filing did not mention the offshore bond.

($1 = 6.4655 Chinese yuan)

Source: Read Full Article