BEIJING –A troubled Chinese real estate developer with US$310 billion of debt is asking investors in one of its bonds to postpone when they will be repaid. Evergrande Group will conduct a three-day online vote starting Friday for holders of the 4.5 billion yuan ($700 million) bond, according to an announcement made through the Shenzhen Stock Exchange in southern China. Evergrande, the global real estate industry’s most indebted competitor, said the bond is due to mature in January 2023. It gave no indication how long investors would be asked to postpone repayment. Evergrande says it has 2.3 trillion yuan ($350 billion) in assets and 2 trillion yuan ($310 billion in debt), but it is struggling to sell real estate and other assets fast enough to keep up payments to bondholders and other creditors.

Source: The Guardian January 05, 2022 11:28 UTC