Stock Groups

China Evergrande set to rise 1.9% after bond payment extension -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo of China Evergrande Group can be seen at the Shenzhen headquarters in Guangdong, China, September 26th, 2021. REUTERS/Aly song/File photo

HONG KONG, (Reuters) – Shares in China Evergrande Group will open at 1.9% Friday following approval by onshore bondholders for delaying payments on one its bonds. This is as developers try to avoid defaults.

This is compared with a 1% decrease in the benchmark index and a 0.7% increase in the Hang Seng Mainland Properties Index.

Hengda Real Estate Group’s principal unit, Hengda Real Estate Group was able to reach an agreement with bondholders in order to postpone payments of a 4.5 Billion Yuan ($707.52 M) onshore bond. Hengda made the announcement via a Thursday filing.

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