- Evergrande due to pay $148 mln bond coupon on Wednesday
- Some bondholders not received payment by end of Asia business
- Shares of developer Fantasia plunge 50% after missing payment
- Moody’s downgrades Kaisa, S&P cuts Shimao to “BB+” from “BBB-“
SHANGHAI/HONG KONG, Nov 10 (Reuters) – Some bondholders of cash-strapped China Evergrande Group (3333.HK) have not received coupon payments by the end of 30-day grace periods at close of Asia business on Wednesday, sources said, pushing the developer again to the edge of default.
Evergrande, the world’s most indebted developer which once epitomised a freewheeling era of borrowing and building, has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are international market bonds.
The company has not defaulted on any of its offshore debt obligations. But a 30-day grace period on coupon payments of more than $148…