HONG KONG/SHANGHAI :China Evergrande Group has secured an extension on a defaulted bond, financial provider REDD reported on Thursday, offering rare respite to the developer a day after a deal to sell a US$2.6 billion stake in its property services unit failed.
The deal is the developer's second to collapse amid its scramble to raise cash in recent weeks. Two sources told Reuters last week the US$1.7 billion sale of its Hong Kong headquarters had failed amid buyer worries over Evergrande's financial situation. "The scrapped transaction has made it even more unlikely for it to pull a rabbit out of a hat at the last minute," said a lawyer representing some creditors, requesting anonymity as he was not authorised to speak to the media.
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