Evergrande, the cash-strapped Chinese real estate giant, had again failed to return its US Dollar-denominated bondholders a coupon pay-out due on Wednesday after having been default on last Thursday, when it had missed a roughly $83 million in offshore bond interest payments, a press agency report published late on Wednesday Asia-Pacific trading hours had unveiled citing sources familiar with the issue who wished to remain anonymous given an upscaled sensitivity of the subject-matter.
More importantly, latest press agency report that cited another default on bond payments in China’s Evergrande, which has a staggering $305 billion worth of real estate properties outstanding mostly to retail clients to-date apart from its wealth management businesses, came forth a day after media toplines unmasked that the debt-laden developer had cut a $1.5 billion financing deal with a Chinese lender.
Nonetheless, worries over a potential collapse in China’s second-largest real estate behemoth had eased over recent past, as the PBOC (People’s Bank of China), the Central Bank of China, had issued a statement earlier this week pledging that it would protect the interests of consumers exposed to the country’s homebuilding market.
Evergrande misses Wednesday’s bond payment
In factuality, the Chinese real-estate mogul and the world’s 122nd-largest group, has more than a whopping $20 billion in offshore debts, while the property developer was scheduled to pay off a $47.5 million in bond interest pay-outs for its '9.5% Dollar-denominated bonds' scheduled to be matured by March 2024.
Nonetheless, a press agency report had quoted two sources familiar with the subject-matter as saying that at least some of Evergrande’s offshore bondholders, which is due to be matured by March 2024 as beforementioned, had not received any information about the interest payments due on Wednesday.