HONG KONG (Reuters) – Shares of China Evergrande Group are set to open up 1.9% on Friday after the developer secured a crucial approval from onshore bondholders to delay payments on one of its bonds as more developers race to avert defaults.
That compared to a 1% drop in the benchmark Hang Seng Index and a 0.7% gain in the Hang Seng Mainland Properties Index.
The embattled property developer’s main unit Hengda Real Estate Group has reached an agreement with bondholders to delay payments for a 4.5 billion yuan ($707.52 million) onshore bond, Hengda said in a filing on Thursday.
(Reporting by Donny Kwok; Editing by Christian Schmollinger)
