China's Evergrande Group misses its third round of bond payments in three weeks, intensifying market fears over contagion involving other property developers
The logo of China Evergrande is seen at outside China Evergrande Centre building in Hong Kong, China, September 23, 2021.
That puts investors at risk of large losses at the end of 30-day grace periods as the developer wrestles with more than $300 billion in liabilities.Evergrande makes deal with domestic bondholders to avoid defaultA total of $101.2 billion bonds issued by Chinese developers will be due in the next year, Refinitiv data show.
Shanghai Stock Exchange data showed the top five losers among exchange-traded bonds in morning deals were all issued by property firms. Modern Land, whose shares dropped over 3 percent to new low on Tuesday, had requested bondholders on Monday to delay a repayment due later this month for three months, while Sinic said it would likely default next week.On Monday, Fantasia Holdings' unit limited trading in its Shanghai bonds, which is often done ahead of defaults.
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