(Seeking Alpha) China’s Evergrande shares at Frankfurt Stock Exchange rose 32% after its subsidiary Hengda Real Estate announced an interest payment due on Thursday.
Hengda Real Estate unit said that it would pay 252 million yuan or $35.9 million in interest on its 5.80% September 2025 bond.
Evergrande also owes $83.5 million interest on a March 2022 bond and $42.5 million interest on March 2025 notes both due on September 23 and September 29, respectively.
Evergrande Chairman Hui Ka Yuan is optimistic that the Group will overcome its current financial challenges to carry on with its construction business.
China is reportedly planning to split Evergrande Group into three different entities in a move that could turn it into a state-owned entity.
The People’s Bank of China had boosted the financial system liquidity with 120 billion yuan in seven and fourteen-day repurchase contracts in the wake of the Evergrande crisis.
3333: HKG is down -0.44%.
