Chairman’s Aide Pledges Luxury Homes; Car IPO: Evergrande Update
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China Evergrande Group Chairman Hui Ka Yan’s associate pledged two houses on the Peak in Hong Kong as collateral for a HK$821 million ($105 million) loan. That may help pay for overdue coupons on two bonds, Bloomberg Intelligence analysts led by Daniel Fan wrote.
Chinese high-yield junk notes declined 2 to 3 cents on the dollar Tuesday as some investors moved to pare risk after a robust rally, according to credit traders.