Evergrande misses 3rd round of bond coupon payments, intensifying contagion fears - Fox Business
Oct 12, 2021 1 min, 6 secs
Market data provided by Factset.

HONG KONG - China Evergrande Group on Tuesday missed its third round of bond payments in three weeks, intensifying market fears over contagion involving other property developers as a wall of debt payment obligations come due in the near-term.

Some bondholders said they did not receive coupon payments totalling $148 million on Evergrande's April 2022, April 2023 and April 2024 notes due by 0400 GMT on Tuesday, following two other payments it missed in September.

A total of $101.2 billion bonds issued by Chinese developers will be due in the next year, Refinitiv data show.

China Evergrande Group on Tuesday missed its third round of bond payments in three weeks, intensifying market fears over contagion involving other property developers as a wall of debt payment obligations come due in the near-term.

Small developers Modern Land and Sinic Holdings were the latest scrambling to delay deadlines, after Evergrande and Fantasia missed their payments since September.

While global attention has been focused on missed dollar debt payments by Chinese property issuers, market indicators suggested that worries about contagion and a slowing economy are spreading further.

Shares of several other property firms, however, fared better as markets bet on more loosening of policies following northeastern city of Harbin's measures to support property developers and their projects.

Market data provided by Factset


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