Evergrande Bondholders Dismiss Plan to Delay US$671M Payment

China Evergrande’s bondholders have dismissed a plan to delay payment for 4.5-billion-yuan, accounting for a US$671 million bond, according to Asia Financial on 11 July 2022.

Evergrande told the Shenzhen Stock Exchange that it was in talks with bondholders to reach an agreement as soon as possible.

In the statement, Evergrande added that it was working on a debt restructuring plan, that wants offshore creditors, who are owed nearly US$23 billion to help fight the liquidating lawsuit when it will be handed over to court on 31 August.

Last week, Evergrande was checking to see if offshore creditors will back its plan to fight a lawsuit in Hong Kong aimed at liquidating the group.

However, Top Shine Global Ltd, an investor in Evergrande unit Fangchebao (an online real estate and automotive platform), has filed a winding-up petition against Evergrande as it has not honoured an agreement to repurchase shares from Top Shine in Fangchebao.

According to the same source, the world’s most indebted developer has in the past proposed paying foreign creditors owed about $19bn in staggered cash instalments or equity in its services unit or its EV unit.

Evergrande is now on the verge of collapsing over US$300 billion in debt and has become the poster child of the country’s property sector crisis as it has failed to pay its creditors regularly.

For Cambodia, this crisis might affect the expatriate Chinese population, in Cambodia and put pressure on Chinese developers, as Managing Director of CBRE Cambodia James Hodge explained in a recent CPM article. (Read more)

- Video Advertisement -

Related Post

US Tourists Propel Angkor Wat Ticket Sales to New Heights in Early 2025

In a remarkable start to the year, Cambodia has welcomed a surge of American tourists, leading the charge in ticket sales for the iconic Angkor Wat temple complex during the first five months of 2025. According to a recent report from the Angkor Foundation, the number of international visitors to Angkor reached an impressive 527,577, […]

Cambodia Sees Surge in Tourism Revenue, Generating Over USD 25 Million in Ticket Sales

In an impressive display of recovery and growth, Cambodia has successfully generated more than USD 25 million from tourist ticket sales in the first 5 months of 2025. The figures, highlighted in a report released by the Angkor Foundation on June 1, reveal that from January to May 2025, tourism hotspots such as Angkor Wat, […]

Cambodia’s Mining Sector Sees Significant Revenue Growth in 2024

In a notable achievement for Cambodia, the Ministry of Mines and Energy reported nearly USD 100 million in non-tax revenue from the mining sector in 2024, reflecting an impressive increase of approximately 79% compared to the previous year. This growth highlights the country’s expanding mining activities, which now include numerous sites dedicated to both domestic […]

Cambodia Should Navigate Rising Global Uncertainty with a Multifaceted and Coordinated Policy Strategy

Cambodia’s economic growth accelerated to 6.0 percent in 2024 from 5.0 percent in 2023, driven by a strong rebound in the garment sector. However, in light of unexpectedly high US tariffs, growth is expected to decelerate to 4.9 percent in 2025, due to its heavy reliance on exports to the US. A coordinated and multifaceted […]

Cambodia Sees Surge in International Tourist Arrivals in Early 2025

In a promising start to the year, Cambodia welcomed nearly 2 million international tourists in the first quarter of 2025, marking a remarkable 16% increase compared to the same period in 2024. This growth was highlighted by His Excellency Minister Huot Hak, Minister of Tourism, during a recent meeting aimed at promoting the Green Season […]

Cambodia and Laos Forge Stronger Agricultural Ties to Expand Mango Exports

In a significant move to enhance agricultural trade, Cambodia and Laos have reached an agreement to boost the export of Cambodian mango products to third countries via Laos’ high-speed rail system. This announcement was made during an official visit from April 30 to May 3, 2025, where H.E. Dith Tina, Cambodia’s Minister of Agriculture, met […]