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China developer Yango reaches deal to extend onshore ABS -sources

BEIJING/SHANGHAI : Yango Group Co Ltd has reached an agreement with investors to extend principal payments on onshore asset-backed securities they can redeem in November, two sources with direct knowledge of the matter told Reuters on Thursday.

The Chinese property developer will pay 10per cent of principal and full interest on the notes due in November, with the remaining principal to be rolled over by one year, the sources said.

This week Reuters reported the company was in talks with investors to discuss payment extensions, as it also seeks to exchange U.S. dollar bonds to avoid default on debt payments.

(Reporting by Shuyan Wang in Beijing, and Steven Bian and Andrew Galbraith in Shanghai; Editing by Clarence Fernandez)

Source: Reuters

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