Evergrande, the heavily indebted Chinese property developer, has repaid a missed interest payment on a dollar bond, state media reported, just days ahead of a deadline that would have forced a formal default.
The Securities Times reported on Friday that the real estate group had a day earlier transferred an $83.5m interest payment to Citibank, the trustee, and that the funds would be paid to investors before the grace period expires this weekend.
Evergrande’s failure to pay the coupon by the September 23 deadline sparked volatility across international markets and a reckoning over the health of China’s slowing real estate sector, which is under government pressure to reduce leverage.
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