One More Developer Seeks to Extend Debt Due: Evergrande Update
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Another Chinese real-estate company is seeking a debt extension to avoid a payment failure as shockwaves from a credit crunch continue to reverberate through the country’s property sector.
Guangzhou R&F Properties Co. is asking holders of a $725 million dollar note maturing Jan. 13 to extend the due date by six months, and is offering to buy back some of the debt at a discount. If the proposals aren’t backed, the company said it might not be able to fully pay off the note. The news comes as Shimao Group Holdings Ltd.’s dollar bonds sank to all-time lows despite assurances from a unit of the firm that business activities were normal.