Evergrande: Chinese property giant 'misses another payment deadline'

The hugely indebted Chinese property giant Evergrande has missed interest payments to overseas investors for the second time in a week, reports say. Evergrande was due to pay foreign bond holders $47.5m (£35m) by Wednesday. But bondholders told Reuters news agency and Bloomberg that they were yet to receive any payment. Under agreements with investors, the company has a 30-day grace period before the missed payments officially become a default.

Evergrande has not commented publicly on the issue. Once China's top-selling developer, the company is now facing debts of more than $300bn. It has been prioritising its liabilities within China, amid concerns of social unrest. Last week, Evergrande missed an $83.5m interest payment on an overseas bond, but struck an agreement with domestic investors over a $35.9m payment which was also due.

As the deadline for a similar interest payment passed on Wednesday, sources told Reuters that some offshore Evergrande bondholders had not received any money or communication on the matter.

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