Onshore bondholders of embattled property developer China Evergrande Group’s main unit have rejected a proposal to postpone repayment of a RMB 4.5 billion ($671.04 million) bond, a securities filing made by the unit showed on Monday, reports Nikkei Asia.
Hengda Real Estate Group, Evergrande’s flagship onshore unit, said in a filing to the Shenzhen Stock Exchange it is in talks with bondholders to reach an acceptable agreement as soon as possible.
The RMB 4.5 billion worth of bonds, with a coupon rate of 6.98%, were issued by Hengda via the Shenzhen Stock Exchange in early 2020 and became puttable on January 8 this year, according to previous filings by the company.