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China Evergrande will make crucial bond payment to avert looming default – reports
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The troubled property company China Evergrande Group has come up with the money to pay a $83.5m bond interest payment that it missed in September, according to reports.
The company, which has debts of around $305bn, wired the $83.5m payment and noteholders will receive it before Saturday, China’s state-backed newspaper Securities Times said on Friday, citing relevant channels, according to Bloomberg.
Reuters also reported that Evergrande had deposited funds to a trustee account on Thursday night before the expiration of a 30-day grace period for the payment, citing a source.
Evergrande, which is China’s second-biggest property developer, sparked alarm on global financial markets when it announced in September that it might not be able to pay
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