Distress Levels Mount; Bond Vote Delayed: Evergrande Update
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Distress is mounting in China’s $870 billion offshore debt markets as more property firms miss debt payments and record refinancing costs effectively block them from rolling over borrowings, according to Bloomberg’s credit tracker.
A unit of China Evergrande Group meanwhile has extended voting to Jan. 13 on the issue to delay the early repayment of a bond, according to an exchange filing. Longfor Group Holdings Ltd. plans to sell domestic bonds.