China Evergrande gains six-month extension for Hengda onshore coupon payment

HONG KONG : China Evergrande Group's flagship unit Hengda Real Estate Group Co Ltd said its creditors have approved a six-month extension of a 574 million yuan coupon payment for an onshore bond that was due on Wednesday.Struggling with more than $300 billion in liabilities, the giant property developer defaulted on some payments for its offshore bonds last year.

Onshore bondholders of Hengda's 7 per cent 2026 bond have agreed to delay the coupon payment to Oct. 27, Hengda said in a filing late on Tuesday. Evergrande said last month it would unveil a debt restructuring proposal for its offshore creditors by the end of July. Evergrande's dollar bond due April 2023 traded at 11.815 cents on the dollar on Wednesday morning, versus 12.247 a day earlier.

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