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Yango Group, investors reach agreement to extend maturing onshore bond -sources -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A bicycle rider passes a Yango Group property project in Yanan New Zone of Shaanxi, China, January 4, 2019. REUTERS/Yawen Chen

BEIJING/SHANGHAI – Two people familiar with the matter said that Yango Group, a Chinese developer, has agreed to extend the due date for payment of its offshore bond due November 19.

The sources confirmed that Yango’s November 2021 7.8% bond with an outstanding amount of 636.5million yuan (99.45 million dollars) will be repaid within one year. It follows an agreement reached last week to extend principal payments of onshore asset backed securities, which can be redeemable in November.

Yango Group refused to comment.

($1 = 6.4000 renminbi)

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