Evergrande’s international bondholders are bracing themselves for a prolonged restructuring process as investors attempt to recoup funds loaned to China’s most indebted property group.
Fitch on Thursday placed the real estate developer into “restrictive default” after Evergrande failed to make a crucial interest payment by the time a 30-day grace period expired. The missed instalment has dashed the hopes of some investors, who were expecting the sprawling company to make a last-minute payment.
“I thought we were going to receive [the interest payment],” said one investor in the group’s bonds who asked to remain anonymous.
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