China Evergrande turns to high-interest bonds to refi massive existing debt

  Developer China Evergrande Group is turning to high-interest U.S. dollar bonds to refinance some of its existing debt, which totals $96 billion. Evergrande, China’s third-largest developer by sales, raised $1.8 billion in dollar bonds this week, agreeing to pay between 11 and 13.75 percent in interest, the Wall Street Journal reported. Evergrande’s billionaire chairman and majority shareholder Hui Ka Yan bought $1 billion of the bonds on offer to show his “support and confidence […]

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