10-22-2021, 02:03 PM
China Evergrande set to avert default as property developer reportedly pays off bond interest
- Evergrande has remitted the funds for a key interest payment that was due Sept. 23 — ahead of a 30-day grace period that ends tomorrow, according to Chinese state media Securities Times.
- The $83.5 interest payment on Evergrande’s March 2022 offshore bond had been closely watched by investors ever since the indebted property developer warned twice in September that it may default.
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Evergrande has remitted the funds for a key interest payment that was due Sept. 23 — ahead of a 30-day grace period that ends Saturday, Chinese state media Securities Times said Friday.
That will allow the indebted Chinese property developer to stave off a widely-expected default.
Shares of Evergrande popped more than 4% on that news.
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