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China Evergrande shares set to rise after it misses debt deadline -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: China Evergrande Group logo seen in Shenzhen Guangdong Province, China. Sept 26, 2021. REUTERS/Aly SONG/File Photo

HONG KONG, (Reuters) – Shares in China Evergrande Group rose 1.1% Wednesday. This was due to hopes for a debt restructuring plan after the company missed a deadline for some U.S. dollars bonds payments.

Failure by Evergrande to make $82.5 million in interest payments due last month would trigger cross-default on its roughly $19 billion of international bonds and put the developer at risk of becoming China’s biggest defaulter – a possibility looming over the world’s second-largest economy for months.

Evergrande was to offer 1.1% of its stock at HK$1.85.

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