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Evergrande Makes Payment, Averting Default: Securities Times

Embattled property development company remits $83.5 million in coupon payments to a trustee account at Citibank on Thursday

Evergrande shares jumped 13% on early trading on Monday. Photo: Reuters.

China Evergrande Group met a deadline on Thursday for a dollar bond interest payment due September 23, the Beijing-based Securities Times reported on Friday.

The report said the embattled property development company remitted $83.5 million in coupon payments to a trustee account at Citibank on Thursday, allowing it to pay out to all bondholders before the grace period expires on October 23.

“They seem to be avoiding short-term default and it’s a bit of a relief that they have managed to find liquidity,” a Hong Kong-based restructuring lawyer representing some bondholders told Reuters.

Read the full storySecurities Times




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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


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