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Why China Evergrande Group Stock Soared 40% Today

·2-min read
Why China Evergrande Group Stock Soared 40% Today
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  • EGRNY
  • 2066.HK

After barely making one debt payment last week, and apparently missing another, China Evergrande Group (OTC: EGRN.F) got a reprieve Wednesday -- even as rumors swirled that the company may have missed a third payment today. As Reuters reports today, at least "some" of Evergrande's bondholders say they have not yet received their coupon payments on $47.5 million in interest due from Evergrande Wednesday. Now, that sounds like bad news, but here's the thing: Quoting "sources," Reuters also says (and other media outlets confirm) that Evergrande has reached a deal to sell to state-owned Shenyang Shengjing Finance Investment Group a 1.75 billion-share stake that Evergrande holds in Shengjing Bank.

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