Bonds of State-Owned Real Estate Company Slumped and Evergrande Missed Interest Payments

Bonds of Chinese state-owned real estate firm Sino Ocean Group Holding Ltd. slumped as low as 73.48 cents on the dollar.

Deepening crisis and looming outlook on the Chinese real estate sector did not even leave the state owned firm whose bonds are rated investment grade by two prominent credit rating agencies, according to Bloomberg.

Earlier Reuters reported, some offshore bond holders of Evergrande Group did not receive interest payments due on November.

According to the news media, a non-payment of interest on November 6 would lead to 30-day grace period of payment.