Relief for markets as Evergrande agrees payment to avoid default on key domestic bond

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China’s debt-ridden real estate giant Evergrande said it would make coupon payments on its domestic bonds on Thursday, in a major relief to Asian and global markets that panic over fears that China’s second-largest developer may default on its reasonable interest. Has happened.

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The core unit of Evergrande Group, formerly known as Hengda Real Estate Group, said in a statement on Wednesday that it would make coupon payments on its Shenzhen-traded 5.8 percent September 2025 bond on time on September 23.

The announcement came as markets globally were tense over fears of a possible default by the cash-strapped company, which was once the country’s best-selling developer, fearing a domino effect from its collapse.

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The repayment assurance is set to provide some relief to investors, however, as the world’s most indebted real estate developer still has $300bn (£217bn) in debt.

According to Refinitiv data, Hengda Real Estate’s coupon payments totaled $35.88m (£2.62m).

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Credit: www.independent.co.uk /

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