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China Evergrande arranges funds of US$1.75 billion to repay offshore bonds

HONG KONG: China's most indebted property developer said it had arranged its own funds of HKUS$13.6 billion (US$1.75 billion) to repay bonds due on Monday, as well as to pay interest on all other dollar bonds.

The funds are to be remitted into the bond repayment account, the company said on Thursday, adding that it has no further bonds due before next March, whether onshore or off.

On Monday, Reuters reported that Evergrande had planned to repay its US$1.5 billion offshore bond maturing on June 28 this week, ahead of schedule.

Some of the bonds of Evergrande and its subsidiaries have been sold off in recent weeks, as investor concerns have grown over its ability to make timely payments.

Shares of Hong Kong-listed Evergrande rose 1.15per cent in Thursday's morning session, versus a gain of 0.1per cent gain in the benchmark. It had plunged 18per cent in the past month to its lowest since March 2020.

(US$1=7.7647 Hong Kong dollars)

(Reporting by Clare Jim; Editing by Clarence Fernandez)

Source: Reuters

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