FILE PHOTO: The China Evergrande Centre building sign is seen in Hong Kong, China, September 23, 2021. REUTERS/Tyrone Siu
October 28, 2021
(Reuters) -China Evergrande Group, which faces a final deadline on Friday for a payment that had been due Sept. 29, has made a payment on that bond, a bondholder source said and the New York Times reported.
Evergrande’s liquidity crunch against more than $300 billion in liabilities sparked global concern it could trigger systemic risks.
The New York Times reported https://www.nytimes.com/live/2021/10/28/business/news-business-stock-market that the company made an interest payment that had been due on Sept 29, citing a person speaking on condition of anonymity.
The reported payment came after Evergrande narrowly averted a costly default last week by securing $83.5 million for the last-minute payment of interest on a bond, boosting confidence the company may be able to avoid a messy collapse.
Evergrande, once China’s top-selling developer, is reeling under more than $300 billion in liabilities, fuelling worries about the impact of its fate on the world’s second-largest economy and on global markets.
Evergrande’s Friday deadline was for a $47.5 million coupon payment that was due Sept. 29 on its March 2024 bond.
(Reporting by Svea Herbst-Bayliss; Writing by Megan Davies; Editing by Stephen Coates)
Source: One America News Network
