HONG KONG -China Evergrande Group is considering repaying offshore public bondholders owed around $19 billion with cash instalments and equity in two of its Hong Kong-listed units, two sources said,.
By Xie Yu, Julie Zhu and Clare Jim HONG KONG (Reuters) - China Evergrande Group is considering repaying offshore public bondholders owed around $19 bi.
Troubled China Evergrande Group (恆大集團) yesterday said that it would sell its stake in an incomplete development near Shanghai for US$576 million as it scrambles to find cash to pay its mammoth debts.
The real-estate giant is drowning in US$300 billion of liabilities, and has struggled to repay bondholders and investors after a clampdown by Beijing suddenly turned off the liquidity taps.
Yesterday, the developer said it would sell the Crystal City Project, a vast commercial zone in Hangzhou, an eastern city outside of Shanghai, for 3.66 billion yuan (US$576.4 million).
Part of the proceeds from the sale would go to repaying construction
China's failing mega-real estate developer Evergrande is continuing its slow-motion collapse, as the company will now miss a deadline to publish its financial details for last year by the [.]