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China Evergrande gains six-month extension for Hengda onshore coupon payment

China Evergrande gains six-month extension for Hengda onshore coupon payment

FILE PHOTO: A visitor poses for pictures at 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 : China Evergrande Group's flagship unit Hengda Real Estate Group Co Ltd said its creditors have approved a six-month extension of a 574 million yuan ($88 million) coupon payment for an onshore bond that was due on Wednesday.

It is the latest of several payment extensions for Evergrande's onshore bonds.

Struggling with more than $300 billion in liabilities, the giant property developer defaulted on some payments for its offshore bonds last year.

Onshore bondholders of Hengda's 7 per cent 2026 bond have agreed to delay the coupon payment to Oct. 27, Hengda said in a filing late on Tuesday.

Evergrande said last month it would unveil a debt restructuring proposal for its offshore creditors by the end of July.

Evergrande's dollar bond due April 2023 traded at 11.815 cents on the dollar on Wednesday morning, versus 12.247 a day earlier.

($1 = 6.5445 yuan)

Source: Reuters

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