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Evergrande Group’s flagship real estate firm in China has said it will pay interest on an onshore bond, giving the heavily leveraged conglomerate more time to figure out what investors expect from a long and complicated restructuring.
Hengda Real Estate Group Co., the largest unit of the giant conglomerate, said on Wednesday it had negotiated privately with the holders of an onshore bond to settle a coupon of 232 million yuan (equivalent to $ 35.9 million) which must be paid Thursday. The five-year bond has a principal value of 4 billion yuan and matures in September 2025.
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