Hengda Real Estate Group, the embattled property developer China Evergrande Group’s main unit, announced it had received a six-month extension on a RMB 574 million ($88 million) coupon payment for an onshore bond due this week, reports Reuters. It is the latest of several payment extensions for Evergrande’s onshore bonds.
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% 2026 bond have agreed to delay the coupon payment to October 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.