HONG KONG -Trading in shares of heavily indebted China Evergrande was suspended on Monday, days after some bondholders said the property developer at the centre of jitters over China's financial system had missed a second key bond interest payment.
Monday's share trading suspension sent a shiver through broader financial markets, which remain nervous about contagion, knocking the offshore yuan a little lower and weighing on the Hang Seng benchmark index and especially financials and other developers. Guangzhou R&F Properties Co Ltd fell 7%, Sunac China Holdings and Country Garden each fell 4%.
Stock in its electric vehicle unit, China Evergrande New Energy Vehicle Group, fell as much as 8% early on Monday before paring losses. Once China's top-selling property developer and now expected to be the subject of one of the largest-ever restructurings in the country, Evergrande has been prioritising domestic creditors over offshore bondholders.The two offshore payments, which bondholders said failed to arrive by their due date, come as the company, which has nearly $20 billion in offshore debt, faces deadlines on dollar bond coupon payments totalling $162.38 million in the next month.
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