China Evergrande arranges funds of $1.75 billion to repay offshore bonds By Reuters

China Evergrande arranges funds of $1.75 billion to repay offshore bonds By Reuters

© Reuters. A company logo of China Evergrande is displayed at the entrance to China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/Files

HONG KONG (Reuters) – China’s most indebted property developer said it had arranged its own funds of HK$13.6 billion ($1.75 billion) to repay bonds due on Monday, as well as to pay interest on all other dollar bonds.

The funds are to be remitted into the bond repayment account, the company said on Thursday, adding that it has no further bonds due before next March, whether onshore or off.

On Monday, Reuters reported that Evergrande had planned to repay its $1.5 billion offshore bond maturing on June 28 this week, ahead of schedule.

Some of the bonds of Evergrande and its subsidiaries have been sold off in recent weeks, as investor concerns have grown over its ability to make timely payments.

Shares of Hong Kong-listed Evergrande rose 1.15% in Thursday’s morning session, versus a gain of 0.1% gain in the benchmark. It had plunged 18% in the past month to its lowest since March 2020.

($1=7.7647 Hong Kong dollars)

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