News of the extension came after Evergrande said on Wednesday it had scrapped a deal to sell a 50.1% stake in Evergrande Property Services Group Ltd to Hopson Development Holdings Ltd as the smaller rival had not met the "prerequisite to make a general offer".
HONG KONG/SHANGHAI: China Evergrande Group has secured an extension on a defaulted bond, financial provider REDD reported on Thursday, offering rare respite to the developer a day after a deal to sell a $2.6 billion stake in its property services unit failed.
Evergrande has won a "more than three month" extension to the maturity of a $260 million bond issued by joint venture Jumbo Fortune Enterprise and guaranteed by Evergrande beyond Oct. 3, after agreeing to provide extra collateral, REDD reported, citing holders of the bond.
Limited time offer:
Just RM5 per month.
