Once China’s top-selling developer, the company is reeling under more than $300bn in liabilities
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.
