Embattled property giant China Evergrande Group has paid out an onshore bond coupon due this week, sources familiar to the matter said in a Reuters report.
- Hengda Real Estate Group Co. has remitted funds to pay onshore bond coupons worth $19 million or 121.8 million yuan, according to sources familiar with the matter.
- Evergrande has some $300 billion in debt and has continuously missed a series of bond payments, impacting global markets. This has hit bonds issued by other Chinese property developers.
- Another bond of the company due March 23, 2022, will be in default should the company fail to pay after a 30-day grace period for a missed coupon payment due on September 23.
The People’s Bank of China in the past few days, warned of possible spillover effects on the country’s banking system should debt problems persist. EGRNY is up 1.02%.