Property News · October 22, 2021

Evergrande dodges a default after paying US$83.5 million offshore bond coupon before 30-day grace period runs out


China Evergrande Group paid the US$83.5 million interest payment on its offshore bond, just before a 30-day grace period runs out for declaring it in default, as the world’s most indebted developer took action to assure a capital market on edge about the spectre of the nation’s highly leveraged property sector.The Shenzhen-based developer wired the payment due on its 8.25 per cent, US$2.03 billion bond maturing in March 2022 to Citibank on Thursday, according to separate reports by the state…

Source : South China Morning Post
Read more…Evergrande dodges a default after paying US.5 million offshore bond coupon before 30-day grace period runs out

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