- Evergrande sends $83.5 mln for last-minute payment – source
- Chinese property company faces more imminent debt deadlines
- Next 30-day payment grace period expires on Oct. 29
- Global financial markets on tenterhooks
HONG KONG/SHANGHAI, Oct 22 (Reuters) – China Evergrande Group (3333.HK) appeared to have averted default with a last-minute bond coupon payment, a source said on Friday, buying it another week to wrestle with a debt crisis looming over the world’s second-biggest economy.
The property developer also announced plans to give future priority to its electric vehicles business over real estate.
Facing a deadline on Saturday to pay interest on a U.S. dollar bond, Evergande sent $83.5 million to a Citibank trustee account on Thursday, the person with knowledge of the matter told Reuters.