Hong Kong’s Hang Seng Index fell more than 300 points on Wednesday amid concerns over China’s default on debt. Evergrande Group, China’s second largest real estate company
The Hang Seng Index closed at 24,155.40, down 355.58, or -1.45%.
Evergrande shares fell more than 11%.
Evergrande executives have not released any statement to the company’s bondholders. Two installments of the bond interest payments have now passed, with Evergrande’s 232 million yuan ($35.88 million) interest payment scheduled yesterday on yuan-denominated bonds. Due in September 2025 It also pays another $83.5 million in interest on the dollar bonds due in March 2022.
Evergrande also has $47.5 million of pending interest on Sept. 29 on dollar-denominated bonds due in March 2024.
Evergrande will have 30 days after the due date to find a way to pay off any debts incurred. before being announced that the company defaulted on payment
