Evergrande’s ‘Great Wall’ is in the process of negotiating with contractors.
Evergande China will hold talks with Chinese bondholders on January 7 to 10 to postpone the redemption dates of some bonds dated January 8.
Evergrande will hold online negotiations with Hengda Real Estate on a 6.98% January 2023 bond worth 4.5 billion yuan or US $ 156.92 million that gives bondholders the option to resell the bonds to issuers.
According to sources, Evergrande asked for the bond postponement date to be moved to July 8 while the bond trading session will be stopped from January 6 to make way for a meeting with Hengda.
Adding the source further, the proposed change of redemption date is due to the ‘current operational status’.
So far it is common knowledge that Evergrande is struggling with liabilities of US $ 300 billion and includes offshore bonds worth US $ 20 billion that could trigger defaults if they miss the repayment date.
Evergrande shares were down 1% on Wednesday morning from a 0.5% fall in the broader market.
