Creditors of Evergrande-linked bond yet to be paid – Businesshala News

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FILE PHOTO: The China Evergrande logo is seen outside the China Evergrande Center building in Hong Kong, China September 23, 2021. Businesshala/Tyrone Siu/File photo
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(Businesshala) – Holders of dollar bonds guaranteed by China Evergrande Group and one of its units are yet to receive repayment on maturity, Businesshala News reported on Thursday, citing people with knowledge of the situation.

According to the report, Jumbo Fortune Enterprises, a joint venture whose owners include Evergrande’s main onshore unit, issued the bond for an initial amount of $260 million.

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The news agency said some bond holders did not receive payments that matured in Hong Kong until Thursday, October 3.

A Businesshala report said paying the principal of the bond could be a default because the note has no grace period, although five business days would be allowed if the failure to pay was due to an administrative or technical error.

Evergrande did not immediately respond to a Businesshala request for comment.

Evergrande, once China’s best-selling asset group, is facing one of the country’s biggest defaults as it grapples with more than $300 billion in debt. Its fate is also destabilizing global markets that are concerned about the collapse of one of China’s biggest borrowers.

Reporting by Shubham Kalia in Bengaluru; Editing by Shreeraj Kalluvilla

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