China Evergrande Group is seeking to delay an option for investors to demand early repayment on one of its yuan-denominated bonds, in the latest sign of distress amid a broader real estate debt crisis. Picture: BLOOMBERG
The firm is proposing to postpone that option date as well as an interest payment also due that day to July 8. Evergrande was labelled a defaulter for the first time in early December as it missed making payments on dollar bonds. A seven-member risk management committee was established at that time to “actively engage” with creditors. That panel includes senior managers from Guangdong state-owned enterprises and China Cinda Asset Management, the nation’s largest bad-debt manager.
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