Friday, August 12, 2022

Some Evergrande offshore bondholders not paid by Thursday deadline U.S. time


© Reuters. A man walks past the Evergrande Center of China Evergrande Group in Shanghai, China, September 24, 2021. REUTERS/Aly Song

SINGAPORE/HONG KONG (Reuters) – Some of China Evergrande Group’s offshore bondholders have not received interest payment by a Thursday deadline U.S. time, two people familiar with the matter said, as worries about the fate of the property developer mount.

A deadline for paying $83.5 million in bond interest ended on Thursday without remark from Evergrande, whose mountain of debt has spooked world markets. The firm now enters a 30-day grace period and it will default if that passes without payment.

The sources could not be named as they were not authorised to speak to the media.

A spokesperson for Evergrande did not immediately respond to a request for comment. Reuters was unable to determine whether Evergrande has told bondholders what it plans to do regarding the coupon payment due on Thursday.

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