Spillover: Construction cranes stand near Evergrande’s new housing development in Beijing. Real estate developer Fantasia Holdings failed to make payment due to bondholders adding to the industry’s financial strain. — AP
BEIJING: China Evergrande Group’s onshore real estate unit has yuan bond interest due today, in another test for the beleaguered property developer whose debt crisis threatens the outlook for Asia’s biggest economy.
Evergrande’s troubles are leading to more scrutiny for a global dollar bond sale by China. The Ministry of Finance has said in September it expects to raise US$4bil (RM16.7bil) from the offering in Hong Kong, a third less than the US$6bil (RM25bil) in each of the past two years and the least since 2018, according to Bloomberg-compiled data.
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