Evergrande unit gets investors to back yuan bond payment delay

China Evergrande Group has avoided what would have been the company’s first default on a public onshore bond, with a unit obtaining investor backing to delay early repayment of a 4.5 billion yuan ($707 million) note.
 
Bondholders of more than half of the principal agreed to a proposed payment extension, the developer’s Hengda Real Estate Group Co. unit said in a Shenzhen stock exchange filing. The firm had a Jan. 8 deadline to meet investor demands for early repayment before seeking a delay last week, and a vote on the extension offer had been extended to Thursday. The cash-strapped