In China, developer Modern Land wants to delay payment of US$250m

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The Asian country faces a financial crisis affecting the real estate sector, which involved Evergrande and many of its rivals

Chinese real estate developer Modern Land asked its creditors for permission to delay payment of a $250 million bond that matures later this month, in the latest sign of the financial crisis hitting the real estate sector in China, and that involved Evergrande and many of its rivals.

Modern Land also said that the company’s chairman and controller, Zhang Lei, and chairman, Zhang Peng, will jointly provide the company with loans of 800 million yuan, equivalent to $124 million, which should help. to clean up the group’s finances.

Modern Land shares have already fallen more than 40% this year. The company’s bonds denominated in dollars and maturing in March 2024 reached a quotation of 25 cents on the dollar last Friday, according to Tradeweb, down from the 72 cents at which they were traded at the end of September.

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palheta smll In China, developer Modern Land wants to delay payment of US$250m

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