SHANGHAI/BEIJING- Chinese developers’ shares and bonds stumbled on Tuesday on worries over spreading financial contagion, as sources said one of the country’s top 20 homebuilders is seeking a new extension for its onshore debts.
Fujian province-based Yango Group Co. Ltd. has been in talks with investors to discuss the extension of payments on yuan-denominated asset-backed securities that holders can redeem this month, three sources familiar with the matter told Reuters.
The company plans to repay interest in full, with unpaid principal rolled over for a year, they said. Reuters was unable to confirm whether the company would make principal payments on the securities this month. – Reuters