10:20 PM EDT, 05/15/2022 (MT Newswires) -- Sunac China (HKG:1918) paid renminbi-denominated bonds on time shortly after announcing that it defaulted on US dollar bonds, Bloomberg News reported Saturday, citing at least two bondholders.
The cash-strapped Chinese property developer sent an initial interest payment of 400 million yuan ($58.9 million) on the local bonds through the debts' trustee, the report said.
It marked the first principal payment under an 18-month extension that creditors agreed to last month, Bloomberg said.
Last week, Sunac failed to pay $29.5 million in interest on its 7.95% bonds that matured on April 11 after the 30-day grace period lapsed.
The company also failed to pay $75.2 million in combined interests on three series of bonds that also became due in late April, the company said in a filing last week.
Shares of Sunac have been suspended from trading since March 31.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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