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- China Evergrande Group (OTCPK:EGRNF), (OTCPK:EGRNY) didn't make coupon payments due Monday on U.S. dollar bonds, Bloomberg reports, citing some bondholders, another indication of the real estate developers serious cash crunch.
- The investors said that as of 5 PM Hong Kong time they hadn't received interest due on Evergrande's (OTCPK:EGRNF) 9.5% note due 2022 and 10% bonds due 2023. At least one of the bonds provides for a 30-day grace period, Bloomberg said.
- Other property developers are getting caught up in the crisis. Modern Land (China) is requesting a three-month extension on a dollar bond due Oct. 25, Bloomberg said, citing an exchange filing. Xinyuan Real Estate (NYSE:XIN) is proposing to pay 5% of principal on a a note due Oct. 15 and exchanging the debt for bonds due 2023.
- Xiyuan (XIN) shares fell 1.2% in U.S. trading on Monday.
- China Evergrande shares rose 5.6% in the session, but is down 80% over the past six months.
- Earlier today, China Evergrande shedding little light in the way of bond coupon payments - WSJ