Domestic bond investors of the ailing real estate group China Evergrande reject a payment delay for a debt instrument worth the equivalent of almost $ 700 million.
The Hengda Real Estate Group, the core company of the Evergrande real estate division, is in talks with the bondholders in order to find an acceptable solution for the bond as soon as possible, the company said in a statement to the Shenzhen Stock Exchange on Monday.
The bond with a coupon of 6.98 percent was issued on the Shenzhen Stock Exchange in early 2020.
The creditors have now rejected the proposal to further postpone the repayment date to January 8, 2023.
The real estate group has accumulated more than $300 billion in debt and has been unable to service interest on foreign bonds in recent months.
Evergrande recently owed around $20 billion to foreign investors.
The company recently tried to agree payment deferrals with its domestic creditors in order to prevent technical insolvency.
According to previous plans, Evergrande wants to present a preliminary restructuring plan by the end of July.