FILE - Residents walk adjacent the office for Evergrande successful Shenzhen successful confederate China, Thursday, Sept. 23, 2021. The troubled Chinese existent property developer with $310 cardinal of indebtedness is asking investors successful 1 of its bonds to postpone erstwhile they volition beryllium repaid. (AP Photo/Ng Han Guan, File) (Ng Han Guan, Copyright 2021 The Associated Press. All rights reserved)

BEIJING – A troubled Chinese existent property developer with $310 cardinal of indebtedness is asking investors successful 1 of its bonds to postpone erstwhile they volition beryllium repaid.

Evergrande Group volition behaviour a three-day online ballot starting Friday for holders of the 4.5 cardinal yuan ($700 million) bond, according to an announcement made done the Shenzhen Stock Exchange successful confederate China.

Evergrande, the planetary existent property industry’s astir indebted competitor, said the enslaved is owed to mature successful January 2023. It gave nary denotation however agelong investors would beryllium asked to postpone repayment.

The company's conflict to debar defaults portion it tries to comply with tighter authoritative limits connected borrowing by China’s existent property manufacture has prompted fears of a fiscal crisis. Chinese regulators person tried to reassure investors the interaction of immoderate imaginable default tin beryllium contained.

Evergrande says it has 2.3 trillion yuan ($350 billion) successful assets and 2 trillion yuan ($310 cardinal successful debt), but it is struggling to merchantability existent property and different assets accelerated capable to support up payments to bondholders and different creditors.

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Beijing appears to beryllium trying to debar bailing retired Evergrande to debar sending the companies arsenic the ruling Communist Party tries to unit them to trim their indebtedness loads.

Beijing tightened restrictions connected developers past twelvemonth successful a run to rein successful surging firm indebtedness that is seen arsenic a menace to economical stability. The ruling enactment has made reducing fiscal hazard a precedence since 2018.

Smaller developers person gone bankrupt oregon defaulted connected hundreds of millions of dollars successful bonds.

Copyright 2022 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.