By Gina Lee
Investing.com – China Evergrand Group (HK 🙂 shares. As developers ’losses continue to be heavy ahead of the deadline for fast-forwarding for payment obligations within weeks, investors aren’t confident that the company can stump cash.
Shares of the company fell 16.93% HK $ 2.11 ($ 0.27) in 12:39 AM ET (4:39 AM GMT). Shares in its property management unit, Evergrand Property Services Group (HK :), 12.61% HK $ 4.02 slide. HengTen Network Group Lee.
All eyes are on whether China Evergrand will be able to pay 83 83.5 million in interest on its March 2022 bond. It paid ২ 247.5 million in interest as of Sept. 20.
Bonds will default if the company fails to pay within 30 days.
China Evergrand is struggling to raise funds to pay off its creditors, suppliers and investors. Regulators have already warned that the company’s দায় 3,005 billion debt could spread widespread risk if China’s financial system is not stabilized. However, the possibility of a direct government bailout is unlikely because the authorities are asking major donors to pay interest or increase rollovers.
A major lender has already provided China Evergrand with a loss on a portion of its loans, while some creditors plan to give it more time to repay, four bank executives told Reuters.
The company has begun to return investors to its asset management products with real estate, the company said Sunday.
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