Saturday , September 30 2023

China Evergrande set to rise 1.9 pct after bond payment extension

Shares of China Evergrande Group are set to open up 1.9 percent on Friday after the developer secured a crucial approval from onshore bondholders.

The approval delays payments on one of its bonds as more developers race to avert defaults.That compared to a 1 percent drop in the benchmark Hang Seng Index and a 0.7 percent gain in the Hang Seng Mainland Properties Index.

The embattled property developer’s main unit Hengda Real Estate Group has reached an agreement with bondholders to delay payments for a 4.5 billion yuan ($707.52 million) onshore bond, Hengda said in a filing on Thursday.

Evergrande was once China’s top property developer, with more than 1,300 real estate projects. With $300 billion of liabilities, it is now at the heart of a property crisis in China this year that has crushed almost a dozen smaller firms.

The government has repeatedly said Evergrande’s problems can be contained and moves to boost liquidity in the banking sector along with the firm’s plans to forge ahead with a restructuring of its overseas debt have helped reassure global investors.

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