Reuters: China Evergrande Secures Bond Extension as Chairman Foots Project Bills

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China Evergrande secures bond extension as chairman foots project bills

HONG KONG/SHANGHAI, Oct 21 (Reuters) –

China Evergrande Group (3333.HK) has secured an extension on a defaulted bond, financial provider REDD reported on Thursday, offering rare respite to the developer a day after a deal to sell a $2.6 billion stake in its property services unit failed.

Evergrande has won a more than three-month extension to the maturity of a $260 million bond, issued by joint venture Jumbo Fortune Enterprises and guaranteed by Evergrande, beyond Oct. 3 after agreeing to provide extra collateral, REDD reported, citing holders of the bond.

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