Insider – Evergrande behind on interest payments

Heavily indebted Chinese real estate group China Evergrande apparently can no longer service interest payments on its bonds. Some foreign creditors had not received their due interest payments at the end of the 30-day grace period, four people familiar with the matter told Reuters. The total amount involved is $82.5 million. Indications are thus mounting that the real estate developer is facing a restructuring of its crushing debt burden (China.Table reported). The second-largest real estate developer in the People’s Republic is sitting on a debt mountain of more than $300 billion.