HONG KONG : Debt-ridden property developer Evergrande Group missed a dollar bond interest payment deadline, moving closing to a potential default and fuelling worries that a collapse could send shockwaves through China's economy and beyond.
Evergrande sells 28per cent of its property management unit for US$3 billion ahead of the unit's initial public offering . Evergrande achieves one of regulators' debt ratio caps by cutting interest-bearing debt to around 570 billion yuan from 716.5 billion yuan six months earlier.A court orders a freeze on a 132 million yuan bank deposit held by Evergrande at the request of China Guangfa Bank Co Ltd. Evergrande says the loan is not due until March and it plans to take legal action.
State media reports construction work has been halted on two Evergrande projects in Kunming, one of them for overdue payments. The other was scheduled to be delivered to homebuyers in October. Evergrande warns of liquidity and default risks if it fails to resume construction, dispose of more assets and renew loans, as it reports a 29per centyear-on-year decline in net profit.Chairman Hui Ka Yan leads a pledge-signing ceremony to promise buyers it will complete construction of their homes.
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