Join now for FREE unlimited access to Reuters.com
A visitor poses for photos at the Castle Hotel on the man-made Ocean Flower Island, an integrated resort development by China Evergrande Group, in Danzhou, Hainan province, China January 7, 2022. REUTERS/Aly Song
HONG KONG, April 27 (Reuters) – China Evergrande Group’s (3333.HK) flagship unit Hengda Real Estate Group Co Ltd said its creditors had approved a six-month extension of a coupon payment of 574 million yuan ($88 million) for an onshore bond was scheduled for Wednesday.
This is the latest of several payout extensions for Evergrande’s onshore bonds.
Struggling with more than $300 billion in debt, the giant property developer defaulted on some payments for its offshore obligations last year.
Onshore bondholders of Hengda’s 7% 2026 bond have agreed to defer the coupon payment to Oct. 27, Hengda said in a filing late 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 to the dollar on Wednesday morning, down from 12.247 a day earlier.
($1 = 6.5445 yuan)
Reporting by Clare Jim; Editing by Edwina Gibbs
Our standards: The Thomson Reuters Trust Principles.