China Evergrande set to rise 1.9% after bond payment extension

Written by on January 13, 2022

January 14, 2022

HONG KONG (Reuters) – Shares of China Evergrande Group are set to open up 1.9% on Friday after the developer secured a crucial approval from onshore bondholders to delay payments on one of its bonds as more developers race to avert defaults.

That compared to a 1% drop in the benchmark Hang Seng Index and a 0.7% 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.

(Reporting by Donny Kwok; Editing by Christian Schmollinger)

Current track