Evergrande to avert default as property developer reportedly pays off bond interest

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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.
  

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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