Evergrande unit seeks delaying possible yuan bond repayment

Beijing has been reluctant to bail out Evergrande as it sends a clear signal that the Communist Party won’t tolerate massive debt build-ups that threaten financial stability.Evergrande was labelled a defaulter for the first time in early December as it missed making payments on dollar bonds.

BEIJING: China Evergrande Group is seeking to delay an option for investors to demand early repayment on one of its yuan-denominated bonds, in the latest sign of distress amid a broader real estate debt crisis.

The property giant’s onshore unit Hengda Real Estate will hold an online meeting from Jan 7 to 10 for holders of the note, it announced in a filing with the Shenzhen stock exchange.