China Evergrande bonds fall sharply on default worries, onshore bond temporarily suspended

Indebted China Evergrande Group’s shares and bonds were under fresh pressure on Thursday after media reports that the company would suspend interest payments due on loans to two banks later this month and also all payments to its wealth management products.

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Investors are factoring in an increasing likelihood of a default. Regulators have warned that Evergrande’s 1.97 trillion yuan (US$304.7 billion) of liabilities could spark broader risks to the country’s financial system if not stabilised.

Shenzhen-traded January 2023 bond were halted from trading temporarily in the morning, after falling more than 20per cent in early trade, the Shenzhen Stock Exchange said in a statement.

Dollar bonds due November 2024 dropped 0.8 cents to trade at 23.558, while the Hong Kong-listed stock dropped over 10per cent to HKUS$3.32, the lowest since July 8, 2015.

Financial information provider REDD reported on Wednesday Evergrande informed two banks it will suspend the interest payment due Sept 21, pending further instruction about an extension plan.

Evergrande has also delayed payments to several trust firms, REDD said, and it might suspend all payment on its wealth management products starting Wednesday.