HONG KONG, (Reuters) – Shares in China Evergrande Group rose to 16% Friday afternoon. This is the most since September 30, when the shares were at their highest level since Sept. 30. The cash-strapped developer has once more avoided a potentially dangerous default by making a bond payment last week.

The Hong Kong-listed company, which is listed at HK$2.84, was up 12.25% as of 0703 GMT. This compares with a 0.2% increase in the broader market. So far, the stock is down 80%.

Evergrande is the most indebted global developer. It has struggled to meet deadlines in recent weeks, with over $300 billion in liability, $19 billion being dollar bonds.

These payments came at the close of the 30-day grace period, which ended Wednesday. It was the third consecutive month that the company had paid perilously close before a deadline. There were more than $148 millions due on the bonds.

Evergrande is yet to pay coupons for offshore bonds issued in unit Scenery Journey, totaling $82.49m. These bonds also come with a 30-day grace period. The coupon payments are due to Evergrande in the amount of $255 millions on Dec. 28, and exceed $275 million.

Analysts and banks told Reuters Beijing was committed to limiting excessive borrowing by developers of property, while it continues to make financing modifications amid a liquidity crisis in the industry.