China’s Evergrande Group has confirmed it has secured an extension on a defaulted bond a day after a deal to sell a $2.6bn stake in its property services unit fell through, according to Reuters reports.
The three-month extension to the $260m bond issued by joint venture Jumbo Fortune Enterprise provides much-needed respite for the company. On Wednesday (20 October), Evergrande's proposed deal to sell a 50.1% stake in Evergrande Property Services Group to Hopson Development Holdings was scrapped after the latter failed to meet the requirements to make a general offer. Evergrande: Opportunity catalyst or the next 'Lehmans-like scenario'? Shares in the company fell close to 14% following the collapse of the deal. The next stumbling block for the developer will be the expiry of...
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