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Evergrande shares slump for second day after unit misses onshore bond payment

Investing.com -- Shares in China Evergrande (HK:3333) Group slumped for a second consecutive day on Tuesday after the indebted developer announced that one its main domestic units had missed an onshore bond payment.

Evergrande's Hengda Real Estate Group subsidiary said in a Hong Kong stock exchange filing that it had not paid the principal and interest on a 4 billion yuan ($1 = 7.31 yuan) bond that was due by September 25.

Shares in Evergrande fell by 8.14%.

It marked the latest setback for Evergrande, the embattled property group that has been at the center of a real estate crisis weighing on the wider Chinese economy. On Monday, the company's stock tumbled by more than 20% after it said that it was unable to issue new debt because of an investigation into Hengda.

This development in particular came as a major blow to Evergrande's ongoing attempt to carry out a planned restructuring of at least $30 billion in offshore debt that includes bonds, collateral, and repurchase obligations. Evergrande has presented a number of options to its offshore creditors, including a swap of some debt holdings into new notes with maturities of 10 to 12 years.

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