China Evergrande secures payment extension as developers seek to avert default

China Evergrande secures payment extension as developers seek to avert default

FILE PHOTO: The China Evergrande Centre building sign is seen in Hong Kong, China. August 25, 2021. REUTERS/Tyrone Siu/File Photo

China Evergrande Group on Thursday secured approval from onshore bondholders to delay payments on one of its bonds, as other cash-strapped developers also scrambled to negotiate new terms with creditors to avoid defaults.