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 Jan. 7-10 for holders of the note, it said in a filing to the Shenzhen stock exchange. The bond is its 4.5 billion yuan ($706 million) 6.98% security due 2023, which has a Jan. 8 put option. The firm is proposing to postpone that option date as well as an interest payment also due that day to July 8.
