#AceNewsReport – Sept.22: In a statement filed with the Shenzhen Stock Exchange in mainland China, Hengda Real Estate Group said it had reached an agreement with holders of the onshore bond over the repayment……
#AceDailyNews says that Evergrande the Crisis-hit firm strikes China debt deal for the amount due for the domestic bond which is estimated to be $35.9m (£26.3m) ………….The announcement will offer some relief to investors concerned over the company’s debt crisis.
However, the world’s most indebted developer is also due to make a $83.5m interest payment on an overseas bond on Thursday.
However, the statement did not reveal how much interest would be paid or when any payment would be made, saying only that the bond “has already been resolved through private negotiations”.
The filing also did not mention the offshore bond.
Under agreements with investors, the company has a 30-day grace period before a missed payment on the offshore bond would become a default.
The firm’s problems have sent shockwaves around global markets over concerns it may be about to collapse.
Evergrande has been struggling to meet repayments on its debts of more than $300bn.
Earlier in the week, the company started to repay investors in its wealth management business with property as it struggled to find cash to meet its liabilities.
On Monday, Evergrande also reportedly missed interest payments to at least two of its biggest lenders.
Some analysts have cautioned that the failure of such a large and heavily-indebted property developer could have a major impact on the Chinese economy, which could potentially spread to the global financial system.
The Shenzhen Stock Exchange, which was closed on Monday and Tuesday, was around 0.7% lower in Wednesday’s trade.
The Hong Kong Stock Exchange is closed on Wednesday for the annual mid-autumn festival.
#AceNewsDesk report ………Published: Sept.22: 2021:
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