China's Evergrande shares climb after winning bond payment delay

Shares of China Evergrande Group edged up on Friday after the world's most indebted developer secured a crucial approval from onshore bondholders to delay payments on one of its bonds as more developers race to avert defaults.

Struggling with $300 billion in liabilities, including $19 billion in international bonds deemed to be in cross-default after missing a payment deadline last month, Evergrande is working to avoid a technical default onshore that would complicate its politically sensitive restructuring.

The firm reached an agreement with bondholders on Thursday to delay redemption and coupon payments for a 4.5 billion yuan ($707.52 million) bond