Evergrande has made $83.5 million bond interest payment: Chinese media
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China Evergrande Group has begun to return a portion of money owed by buyers of its investment products. This was weeks after protestors against missing payments at the Shenzhen headquarters.
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Evergrande has remitted the funds for a key interest payment that was due Sept. 23 — ahead of a 30-day grace period that ends Saturday, according to Chinese state media Securities Times.
Evergrande’s March 2022 bond was $83.5 in interest. Investors have been watching closely since September, when the highly indebted property developer had warned twice about default.
According to the Securities Times, Evergrande had remitted $83.5 million via Citibank. Citibank did not respond to this report.
Evergrande was late on four coupon payments for September and Oct.
The property giant, which is buckling under the weight of more than $300 billion in debt, has been struggling to raise funds.
Evergrande stated in the report that they plan to pay interest by Oct. 23, the deadline.
— This is a developing story. Stay tuned for new updates.
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