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China Evergrande shares set to rise after it misses debt deadline



© Reuters. FILE PHOTO: The logo of China Evergrande Group is seen on the property developer’s headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo

HONG KONG (Reuters) – Shares of China Evergrande Group were set to rise 1.1% on Wednesday, buoyed by hopes of a managed debt restructuring after it missed a payment deadline on some U.S. dollar bonds.

Failure by Evergrande to make $82.5 million in interest payments due last month would trigger cross-default on its roughly $19 billion of international bonds and put the developer at risk of becoming China’s biggest defaulter – a possibility looming over the world’s second-largest economy for months.

Evergrande’s stock was set to open up 1.1% at HK$1.85.

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