China’s Evergrande Sells $3 Billion in Bonds Amid Cooling Property Market

As China's real estate industry continues to cool, Evergrande struggles to keep afloat

A promotional footage on a property development of China Evergrande Group is shown at a news conference on the company's interim results in Hong Kong, China on Aug. 30, 2016. Bobby Yip/Reuters

HONG KONG—China Evergrande Group, one of China’s most indebted property developers, sold $3 billion in dollar bonds on Jan. 23 in Asia’s biggest offshore high-yield bond sale so far this year.

Evergrande is China’s second-largest property developer by sales and has been under pressure to raise funds to cut its large debt pile, which stood at 671.1 billion yuan ($98.88 billion) as of June 2018, according to CreditSights.