Yango Group, investors reach agreement to extend maturing onshore bond -sources

FILE PHOTO: Man rides a bicycle past a Yango Group real estate project under construction in Yanan New Zone

BEIJING/SHANGHAI (Reuters) – Chinese developer Yango Group has reached an agreement with investors to extend the payment of its onshore bond due November 19, two sources familiar with the matter told Reuters on Friday.

Repayment of Yango’s 7.8% November 2021 bond, with an outstanding value of 636.5 million yuan ($99.45 million) will be extended by one year, the sources said. The agreement follows a deal reached this week to extend principal payments on onshore asset-backed securities redeemable in November.

Yango Group declined to comment.

($1 = 6.4000 Chinese yuan renminbi)

(Reporting by Shuyan Wang in Beijing and Steven Bian and Andrew Galbraith in Shanghai; Editing by Raissa Kasolowsky)