Evergrande Misses Third Round of Bond Coupon Payments, Intensifying Contagion Fears

HONG KONG—China Evergrande Group on Tuesday missed its third round of bond payments in three weeks, intensifying market fears over contagion involving other property developers as a wall of debt payment obligations come due in the near-term. Some bondholders said they did not receive coupon payments totalling $148 million on Evergrande’s April 2022, April 2023, and April 2024 notes due by 0400 GMT on Tuesday, following two other payments it missed in September. That puts investors at risk of large losses at the end of 30-day grace periods as the developer wrestles with more than $300 billion in liabilities. Evergrande did not immediately respond to a request for comment. A total of $92.3 billion bonds issued by Chinese developers will be due in the next year, Refinitiv data show. “We see more defaults ahead if the liquidity problem does not improve markedly,” said brokerage CGS-CIMB in a note, adding developers …

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