According to the recent research, there are over 80% of people would be motivated to exercise if incentivized by crypto...


Recent Study Reveals That Crypto Motivates People to Exercise

On Friday, Prime Minister Ranil Wickremesinghe warned of a food shortage as the island nation battles a devastating economic...


Thousands queue for petrol, gas in Sri Lanka amid warnings of food shortages

ASML, a semiconductor industry and stock market giant, might have to think smaller. Or maybe bigger. Currently, it is building machines...


Computer chip giant ASML places big bets on a tiny future

Finance ministers and central bank governors of the United States, Japan, Canada, Britain, Germany, France and Italy - the G7, agreed on...


Money for Ukraine Priority in G7 Agenda; Inflation, Food a Concern

An auto safety agency in the U.S. said on Wednesday that it has opened an investigation into a fatal crash involving a Tesla...

Stock Markets

U.S. Agency opens investigation involving Tesla due to 14 Crash Deaths

Stock Market

5 Jan 2022

China Evergrande Requests Payment Deferral for Inshore Bonds amid Rising Pressures

China Evergrande Requests Payment Deferral for Inshore Bonds amid Rising Pressures

The Index Today

Disgraced property developer, the China Evergrande Group, has requested a six-month extension for the payment of inshore bonds amounting to $157 million, at a virtual meeting with bond holders scheduled to take place this weekend.

Evergrande’s flagship firm, Hengda, has attributed the deferral request to the “current operational status” of the cash-strapped company. It intends to request an extension from January 8th to July 8th, 2023, for the payments of redemption and coupons for the Hengda Real Estate Group. This comes in the aftermath of the company’s lapse in repaying $82.5 million of foreign interests despite the grace period that lasted for a month.

Additionally, as part of the virtual meeting’s agenda, Hengda would also be required to develop and adhere to a debt settlement plan in the event of a possible default in timely repayments.

These developments come in light of guarantees from Chinese authorities regarding Evergrande Group’s repayment of liabilities and their continued corporate commitment to their employees and customers.

©Photo: ft