HONG KONG/SHANGHAI: Cash-strapped Chinese developers are scrambling to negotiate new terms with their bondholders to avoid defaults, with Shimao Group and Yuzhou Group the latest seeking extensions on their maturing debt.
The market is also watching the outcome of China Evergrande Group's meeting with onshore bondholders, as the voting period to approve an extension will end on Thursday. The firm has so far met payments on onshore bonds though it has defaulted on some offshore bonds.
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