Some Bondholders Yet to Be Paid, Stocks Slide: Evergrande Update
Workers at the construction site of a China Evergrande Group development in Wuhan on Dec. 22.
Photographer: Andrea Verdelli/BloombergThis article is for subscribers only.
China Evergrande Group passed another debt deadline with no sign of payment, after coupons came due Tuesday on two dollar notes, both with a 30-day grace period before a default can be declared.
Evergrande has been turning its attention to delivering homes and paying workers even as debt payments loom. The embattled developer was labeled a defaulter by international ratings firms for the first time earlier this month after it failed to repay liabilities on time. Still, the paying agent and transfer agent for the latest two bonds is Citibank London Branch, according to a prospectus seen by Bloomberg News. Tuesday was a public holiday in the U.K.