EGRNF - Evergrande tumbles again as debt payment deadline approaches

Shares of China Evergrande (OTCPK:EGRNF) ended Monday's session in Hong Kong down 20% to an all-time low of HK$1.81 after the heavily-indebted property developer pushed closer to default. The company already made three 11th-hour coupon payments in the past two months, but faces the end of a 30-day grace period today, with dues totaling $82.5M. As at the end of Asia business hours, two bondholders said they had yet to receive coupon payments, though Evergrande declined to comment. Before the weekend: China's top-selling developer said creditors had demanded $260M, but it could not guarantee enough funds for coupon repayments. The warning prompted authorities to summon Chairman Hui Ka Yan and to send over a team at the developer's request to oversee risk management, strengthen internal control and maintain operations. Evergrande has meanwhile been struggling to raise capital by disposing of assets, and the government has asked its chairman to use his wealth

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Evergrande tumbles again as debt payment deadline approaches