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Explainer-What’s next for China Evergrande after missing coupon payments

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Reuters

By Clare Jim HONG KONG (Reuters) – China Evergrande Group made three 11th-hour coupon payments in the past two months, but there was no repeat at the end of a grace period at midnight Monday in New York as some bondholders did not receive their dues, four sources said. Failure to make the $82.5 million in interest payments could represent Evergrande’s first offshore default on a public bond. WHAT IS EVERGRANDE? Chairman Hui Ka Yan founded Evergrande in Guangzhou in 1996. It is China’s second-largest property developer, with $110 billion in sales last year, $355 billion in assets and more than …

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