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Creditors of Evergrande-linked bond yet to be paid

by Mike Robinson

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© Reuters. FILE PHOTO – The China Evergrande logo can be seen outside the China Evergrande Center building in Hong Kong on September 23rd, 2021. REUTERS/Tyrone Siu/File Photograph

(Reuters] – The holders of a dollar bond issued by China Evergrande Group, and one of their units, are still waiting to be repaid at maturity. Bloomberg News reports that the claim was made Thursday by people familiar with the situation.

According to the report, Jumbo Fortune Enterprises (a joint venture owned by Evergrande’s main offshore unit) issued the bond for an initial amount $260 million.

The news agency reported that some bond holders didn’t receive the October 3rd payment in Hong Kong.

Nonpayment of the principal bond could be considered default, as there is no grace period. But, five days may be permitted if it were an administrative or technical error.

Reuters asked Evergrande to comment, but it did not reply immediately.

Evergrande, once China’s most-sold property company, is now facing the worst defaults in its history as it has more than $300 billion debt. The global market is worried about Evergrande’s future as one of China’s largest borrowers will collapse.

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