By Clare Jim and Andrew Galbraith
HONG KONG/SHANGHAI (Reuters) – The China Evergrande Group has secured an extension to the payment of a defaulted bond, financial provider REDD said on Thursday, offering a rare relief to the developer a day after a deal to sell one failed. $2.6 billion stake in its real estate services unit.
Evergrande won an extension of more than three months from Oct. 3 to honor the maturity of a $260 million bond, issued by the joint venture Jumbo Fortune Enterprises and guaranteed by Evergrande, after agreeing to provide extra collateral, reported the REDD, citing title holders.
A source familiar with the matter said Evergrande chairman Hui Ka Yan had agreed to inject personal wealth into a Chinese residential project linked to the bond to ensure its completion, paving the way for bondholders to receive their payments.
The bondholders agreed to the proposal to avoid a collapse of the developer or a protracted legal battle, the source told Reuters.
Evergrande did not respond to requests for comment from Reuters.
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