China Evergrande Group's shares hit an all-time low on Wednesday after a missed debt payment deadline put the developer at risk of becoming China's biggest defaulter, although hopes of a managed debt restructuring calmed fears of a messy collapse.
Kaisa, China's largest holder of offshore debt among developers after Evergrande, had not repaid the 6.5% bond by the end of Asia business hours, the person said, which could push the notes into technical default, triggering cross defaults on its offshore bonds totalling nearly $12 billion.Bondholders owning over 50% of the notes in question sent the company draft terms of forbearance late on Monday, a source previously told Reuters.
Evergrande's shares were down 1.6% at 0310 GMT at HK$1.80, after earlier hitting HK$1.78 - their lowest since the November 2009 debut. The broader marketIts notes due on Nov. 6, 2022 , one of two tranches with a coupon payment deadline that passed on Monday, traded at 18.642 cents on the dollar, Duration Finance data showed, versus 18.875 from the close of Tuesday Asia hours.
Evergrande was once China's top property developer, with more than 1,300 real estate projects. With $300 billion of liabilities, it is now at the heart of a property crisis in China this year that has crushed almost a dozen smaller firms.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian shares mixed after China Evergrande warns of cash woesShares are mixed in Asia after troubled Chinese property developer Evergrande warned late Friday it may run out of money.
Read more »
China Evergrande braces for debt deadline after doubting ability to payAfter lurching from deadline to deadline, China Evergrande Group is again on the brink of default, with its pessimistic comments condemning its stock to a record low just as direct state involvement raises hope of a managed debt restructuring.
Read more »
China Evergrande Heads Toward Default as It Misses Payment DeadlineEvergrande didn’t make payments due on some U.S. dollar bonds before a final deadline expired Monday, people familiar with the matter said, potentially setting the stage for a massive default and one of the country’s largest-ever debt restructurings
Read more »
Court order seizes websites used by China-based hacking group, Microsoft saysMicrosoft used a court order to seize dozens of websites that a China-based hacking group was using for a cyber-espionage campaign against organizations in the US and 28 other countries, the tech giant said Monday.
Read more »
China threatens US over diplomatic boycott to Beijing OlympicsChina threatens to take 'countermeasures' if US politicians continue calling for a diplomatic boycott of the Beijing Winter Olympics
Read more »
China attacks potential US diplomatic boycott of Olympics | AP NewsChina is threatening to take “firm countermeasures' if the U.S. proceeds with a diplomatic boycott of February's Beijing Winter Olympic Games. It accused U.S. politicians of grandstanding over the issue of not sending dignitaries to attend the Games.
Read more »