Evergrande’s dollar bonds fell up to 3 points after a report by China National Radio showed that Chongqing Construction Engineering Group stopped work on of Evergrande’s projects in Kunming city. The radio website reported that Evergrande missed payments of CNY 210mn ($32mn) and that construction of another Evergrande project in the city was also halted. The report was later removed from the website. Evergrande did not comment on the above.
Separately, Bloomberg cites sources saying that China Minsheng Banking Corp, China Zheshang Bank and Shanghai Pudong Development Bank have agreed to give Evergrande extensions on some project loans with Zheshang Bank supposedly pushing repayment of two loans due July and August until end-2021. The extensions may give Evergrande more room to support its financial condition.
Evergrande’s 11.5% 2023s fell 3 points to 48 and its 9.5% 2024s fell 2.6 to 45.15.
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