The uncertainty ahead of Wednesday's deadline for cash-strapped China Evergrande Group to make an offshore bond coupon payment is set to add to concerns about a deepening liquidity crisis in the Chinese property sector.
Another overdue US$148 million bond payment must be made on Wednesday and it has coupon payments totalling more than US$255 million on its June 2023 and 2025 bonds on Dec 28. Worries over the potential fallout from Evergrande roiled China’s property sector on Tuesday, slamming the bonds of real estate companies amid worries that the crisis could spread to other markets.
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