Tuesday, January 31, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Biz Plus

Evergrande pays overdue interest on offshore bond

AFPbyAFP
October 22, 2021, 8:20 pm
in Biz Plus
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Beijing, China—China’s troubled property giant Evergrande has made a key offshore interest payment a day ahead of a weekend deadline, state media said Friday, averting a default and buying the embattled company a reprieve as it struggles under a mountain of debt.

The crisis at one of the nation’s biggest property developers has hammered investor sentiment, rattled the key real estate market and fueled fears of a spillover into the wider economy.

Evergrande is reported to have missed at least $150 million in offshore bond payments and while it had a 30-day grace period on some of them, there had been a general expectation it would not be able to meet its obligations.

However, on Friday the state-backed Securities Times said the developer had wired $83.5 million for an overseas payment first due on September 23, citing “relevant channels.” It said bondholders would receive the payout before Saturday—the end of the grace period.

The news comes just a day after the company said the planned sale of its property services arm for $2.58 billion had fallen through and warned it could not guarantee it would meet its debt obligations, putting it on course for a default and possible restructuring.

ADVERTISEMENT

Fears about an Evergrande failure have rattled markets, and shares in the firm have collapsed more than 80 percent since the start of the year. It rose more than four percent Friday in Hong Kong.

But observers warned the firm was still teetering, with several other dollar bond payments still to navigate before the end of the year.

“They may be able to pay this interest, and maybe they can pay another interest—basically they have an interest payment every two weeks or so-–but at some point… there’s going to be an amount of principal maturing, and that one’s multibillion,” Chen Long, partner at research firm Plenum, told AFP.

“If you look at the fundamentals of the company, that hasn’t changed.”

Beijing began last year clamping down on the country’s colossal property sector—estimates say it accounts for a quarter of the economy—in a bid to rein in excessive debt, with measures to restrict borrowing cutting off companies’ ability to complete projects. AFP

While Evergrande is the standout, the moves have hit several other developers, with several including Sinic and Fantasia among those failing to make debt payments.

Still, Chinese leaders insist any fallout can be contained, but the crisis has prompted rare public anger and protests from anxious homebuyers, suppliers and investors. 

Tags: ChinaDebtEvergrandeSecurities Times
ADVERTISEMENT
AFP

AFP

Related Posts

Legal expert named new PCC commissioner

byOthel V. Campos
January 30, 2023, 6:25 pm
0
8
PCC: Competition review needed for Malampaya

The Philippine Competition Commission said Monday it welcomes the appointment of legal expert Lolibeth Ramit-Medrano as a new commissioner of...

Read more

Medtech maker Philips cuts 6,000 more jobs after sleep device recall

byAFP
January 30, 2023, 6:10 pm
0
8
Banaag assumes post as Bright Kindle director

THE HAGUE, Netherlands—Embattled Dutch medical tech maker Philips said on Monday it will slash 6,000 more jobs worldwide after fresh...

Read more

Handicraft exporter creates unique products

byManila Standard
January 28, 2023, 6:40 pm
0
8
Crosta Pizzeria co-owner shares her brand of leadership

Having her own export business is a dream project for Joam Basalo. It took her a decade and a half...

Read more

Business reality show host talks of business pitches in a new book

byManila Standard
January 28, 2023, 6:30 pm
0
8
Crosta Pizzeria co-owner shares her brand of leadership

Learn the tips and hacks for making compelling business pitches and winning big-ticket investors as John Aguilar, serial entrepreneur and...

Read more

Filipinos spent 75,305 hours in using financial apps last year

byManila Standard
January 28, 2023, 6:20 pm
0
8
Crosta Pizzeria co-owner shares her brand of leadership

Over 2 million active users in the Philippines have spent a total of 75,305 hours, or an equivalent of 9...

Read more

Crosta Pizzeria co-owner shares her brand of leadership

byManila Standard
January 28, 2023, 6:00 pm
0
8
Crosta Pizzeria co-owner shares her brand of leadership

To hold nothing back is to be empowered to take on challenges that will surface as you follow your ultimate...

Read more

Print Edition

View More

Recent Posts

  • SM supports and complies with RA 7920
  • Mickelson ‘at peace’ if he never plays PGA, Ryder Cup again
  • 1st in SEA: Globe pilots new lens antenna technology for better customer experience
  • Converge business centers become collection points for e-waste
  • Sneakers for Makati : AB4.0
  • Eye-watering onion prices make Philippine staple a luxury
  • Ukraine war dominates Nobel year again
  • Light Rail Manila Corp., PopBox Asia tie up with Airspeed for contactless delivery

Advertisement

Latest News

Eye-watering onion prices make Philippine staple a luxury

byAFP
January 31, 2023, 1:30 pm
0
8
Eye-watering onion prices make Philippine staple a luxury

Even before his onions are fully grown, Philippine farmer Luis Angeles races to harvest the crop and cash in on...

Read more

Ukraine war dominates Nobel year again

byAFP
January 31, 2023, 1:00 pm
0
8
Russian missile strike kills 18 in Ukraine mall

From NATO secretary general to the Ukrainian president, the war in Ukraine dominates the names known so far to have...

Read more

Light Rail Manila Corp., PopBox Asia tie up with Airspeed for contactless delivery

byMST Tech
January 31, 2023, 12:57 pm
0
8
Light Rail Manila Corp., PopBox Asia tie up with Airspeed for contactless delivery

Airspeed continuously provides innovation on logistics to address the different needs of clients and end users. Their newest service offer...

Read more

IMF lifts 2023 growth forecast with boost from China reopening

byAFP
January 31, 2023, 12:30 pm
0
8
IMF extends crunch funds by 18 months due to COVID

Global growth is set to be higher than expected this year, the IMF said Monday, raising its forecast on surprisingly...

Read more

Peru tourism industry in ‘free fall’ as Machu Picchu closed by protests

byAFP
January 31, 2023, 12:00 pm
0
8
Peru tourism industry in ‘free fall’ as Machu Picchu closed by protests

Decked out in helmet, belt, gold-plated armor and sandals, Juan Pablo Huanacchini Mamani gazes out vacantly from the Ollantaytambo Inca...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App