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China Evergrande’s Flagship Business Resolves an Onshore Bond Payment – The Wall Street Journal

Embattled China Evergrande Group’s flagship property business said it would make an interest payment on an onshore bond, giving the highly indebted conglomerate more time to work out what investors expect will be a lengthy and complicated restructuring.

Hengda Real Estate Group Co., the biggest unit of the giant conglomerate, said Wednesday it negotiated privately with holders of an onshore bond to settle a 232 million yuan (equivalent to $35.9 million) coupon payment that is due Thursday. The five-year bond has a 4 billion yuan principal value, and matures in September 2025. A fresh test comes Thursday when an interest payment on a bond denominated in dollars is due.