The China Evergrande Group suffered its first rejection from local creditors to extend a bond payment deadline, in a development that marks growing impatience with the distressed builder at the centre of the nation’s property debt crisis.
“This is the first time it failed to extend an onshore bond and will constitute a default,” said Li Kai, CIO at Beijing Shengao Private Equity Fund Management Co Ltd. “It will create a new path for restructuring and will have implications in pricing of real estate bonds, especially extended bonds. We expect more onshore defaults from here.”
what would have been its first default on a public onshore bond by obtaining investor backing to delay early repayment on the note for six months.
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