News of the extension came after Evergrande said on Wednesday it had scrapped a deal to sell a 50.1% stake in Evergrande Property Services Group Ltd to Hopson Development Holdings Ltd as the smaller rival had not met the"prerequisite to make a general offer".
Both sides traded blame for the setback, with Hopson saying it does not accept"there is any substance whatsoever" to Evergrande's termination of the sales agreement, and it is exploring options to protect its legitimate interests. Evergrande in an exchange filing on Wednesday said the grace periods for the payment of the interest on its U.S. dollar-denominated bonds that had become due in September and October had not expired. It did not elaborate.
The string of official reassurances are likely aimed at soothing investor fear that the developer's debt crisis could ripple through China's broader property sector, which contributes around a quarter to the country's economic growth.
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