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Evergrande Is Courting Default Again as $148 Million Payment Comes Due
Nov. 10, 2021 6:42 am ET
Chinese property developer Evergrande was facing a total $148 million payment to foreign creditors Wednesday, after the expiration of a 30-day grace period on coupons of 2022, 2023, and 2024 bonds.
Evergrande (ticker: 3333. Hong Kong) avoided default twice last month after making last-minute payments on some offshore bonds.
The company didn’t immediately reply to an emailed request for comment. According to media reports, no creditor has so far indicated that the payment had been made.
The Chinese real estate and property giant is facing more than $300 billion worth of liabilities, including some $19 billion due to foreign creditors, and doubts about its capacity to manage the debt load have rattled markets in the past few months.
Evergrande also has coupon payments totaling more than $255 million due on Dec. 28.
Evergrande’s problems came to light after the Chinese government decided to crack down on the property sector’s leverage, in a policy that unveiled the country’s developers’ financial woes.
Fantasia Holdings (1777. Hong Kong), another Chinese developer, saw its stock price plunge 37% Wednesday, after it announced that some lenders had asked for loans to be repaid early.
https://www.barrons.com/articles/evergrande-is-courting-default-again-as-148-million-payment-comes-due-51636544556