HONG KONG, Oct 22 — China Evergrande Group wired funds to a trustee account on Thursday for a dollar bond interest payment due Sept. 23, a source told Reuters on Friday, days before a deadline that would have plunged the embattled developer into formal default.
“They seem to be avoiding short-term default and it’s a bit of a relief that they have managed to find liquidity,” said a Hong Kong-based restructuring lawyer representing some bondholders. A string of Chinese officials in recent days have sought to reassure investors, saying that creditors’ interests would be protected. Market participants nevertheless expressed shock at news of the payment. “This is a positive surprise,” said James Wong, portfolio manager at GaoTeng Global Asset Management Ltd, adding many had expected a default.
Evergrande missed two coupon payments on its dollar bonds on Sept. 23 and Sept. 30, starting the clock on 30-day grace periods for payment. Non-payment of interest for 30 days would result in a formal default by the company, and trigger cross-default provisions for other Evergrande dollar bonds.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US, trading partners urge China to liberalise further | Malay MailGENEVA, Oct 21 — The United States said on Wednesday that China’s industrial policies “skew the playing field” against imported goods and services, as well as their foreign providers, and that Washington would pursue all means to secure reforms. China’s other major trading partners —...
Source: malaymail - 🏆 1. / 86 Read more »
US nominee for ambassador to China Burns says Xinjiang ‘genocide’ must stop | Malay MailWASHINGTON, Oct 20 — Nicholas Burns, President Joe Biden’s nominee to be US ambassador to China, said today that China’s “genocide in Xinjiang,” abuses in Tibet and bullying of Taiwan must stop. Human rights advocates have termed China’s treatment of Uyghur Muslims in its Xinjiang... Free Tibet
Source: malaymail - 🏆 1. / 86 Read more »
Alibaba founder Ma spotted in Mallorca in rare trip abroad after China scrutiny | Malay MailMALLORCA, Oct 21 — Alibaba Group founder Jack Ma was on the Spanish island of Mallorca where his luxury yacht is anchored, two Spanish newspapers said on Wednesday, on his first trip abroad since he fell out with China’s regulators in 2020. The Chinese billionaire has largely been out of public... Pay up, kowtow, accept control & surveillance won Jack Ma his freedom. Just like wealthy bizmen in Hong Kong Triad movies. 😁
Source: malaymail - 🏆 1. / 86 Read more »
China Evergrande secures extension on defaulted US$260m bondThe caller had claimed to be a prosecutor and informed Choi that the money in her bank account had been used for crime.
Source: staronline - 🏆 4. / 75 Read more »
With Xi-Biden meeting, US aims to show responsible handling of China tiesUS officials believe direct engagement with Xi can prevent conflict.
Source: malaysiakini - 🏆 20. / 51 Read more »
Flights cancelled, schools closed as China fights Covid outbreak | New Straits TimesNSTworld Authorities in China cancelled hundreds of flights, closed schools and ramped up mass testing to try and stamp out a new Covid19 outbreak linked to a group of tourists. coronavirus Covid-19 is still around 😟😮😲
Source: NST_Online - 🏆 17. / 53 Read more »