HONG KONG, Sept 26 (Reuters) – Property group China Evergrande Group fell again on Tuesday on the Hong Kong Stock Exchange for the second consecutive session, losing up to 8%, as one of its subsidiaries was unable to repay an “onshore” bond.
Hengda Real Estate Group, the main subsidiary of Evergrande, declared in a stock market announcement that it had not honored the capital and interest of a debt of four billion yuan (517 million euros) whose The deadline was September 25.
The announcement comes after Evergrande warned over the weekend that it would be unable to issue new loans due to an ongoing investigation into Hengda, which then caused a 22% fall in Monday’s debt. action of the real estate developer.
Hengda said it will actively negotiate with bondholders to reach a solution as quickly as possible, while striving to resolve debt risks and safeguard the rights and interests of creditors.
The non-payment of the obligation due is the latest setback for Evergrande, whose crises have followed one another since its financial difficulties were made public in 2021.
Evergrande announced in early September the postponement of its decision on the restructuring of its offshore debt until October, in order to allow its creditors more time to examine its proposal.
The agreement of more than 75% of the holders of each category of Evergrande’s debt is necessary for the implementation of the restructuring plan, which offers creditors a set of options to exchange the debt against in particular new bonds. (Report by Donny Kwok, French version by Claude Chendjou, edited by Kate Entringer)
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