HONG KONG, March 22 ― China Evergrande Group is set to unveil today a restructuring proposal for its US$22.7 billion (RM101.6 billion) offshore debt that could set the template...
HONG KONG, March 22 ― China Evergrande Group is set to unveil today a restructuring proposal for its US$22.7 billion offshore debt that could set the template for distressed peers and shape investor sentiment towards the country's embattled property sector.
The new bonds will carry several tenors and coupons, the people said on condition of anonymity as the details are not public. One of them added the longest would be 8 years with around a 9 per cent coupon. With more than US$300 billion in total liabilities including offshore debt, Evergrande has been at the centre of a property debt crisis in which multiple Chinese developers defaulted over the past year, forcing many to enter debt restructuring talks.
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