SCCCF - China Evergrande puts Hopson deal on hold pays onshore coupon - Reuters

In the latest on the China Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) saga, the property developer puts on hold its deal to sell a 51% stake in its property services division to smaller competitor Hopson Development, Reuters said, citing two people with knowledge of the matter. Also its flagship unit, Hengda Real Estate Group, pays an onshore bond coupon of CNY 121.8M ($19M) due Tuesday, four people with knowledge of the matter told Reuters. Recall that the real estate company has missed three interest payments on offshore bonds in the past month. The developer is prioritizing its limited funds to the domestic market, because risks are higher to China's financial system, one of the people told Reuters. Evergrande (OTCPK:EGRNF) is struggling with its more than $300B in debt. The agreement with Hopson for about HK$20B (US$2.6B) was put on hold because it hasn't yet received the approval of the Guangdong provincial government, which

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China Evergrande puts Hopson deal on hold, pays onshore coupon - Reuters