The Chinese property developer Evergrande has reportedly made an interest payment for an offshore bond before a grace period expired on Friday, narrowly averting a catastrophic default for the second time in a week.
Evergrande, once China’s top-selling developer, is reeling under more than $300bn in liabilities, fuelling worries about the impact of its fate on the world’s second-largest economy as well as on global markets. It staved off a default last week by securing $83.5m for the last-minute payment of interest on a bond, and needed to make $47.5m in coupon payments to bondholders by Friday.
On Friday, Reuters, Bloomberg and the New York Times said sources with direct knowledge of the matter had confirmed the payment. Evergrande did not
Read more on theguardian.com