Evergrande The Troubled Chinese Real Estate Developer has remitted the funds for a key interest payment that was due Sept. 23 — ahead of a 30-day grace period that ends Saturday, Chinese state media Securities Times said Friday.That will allow the indebted Chinese property developer to stave off a widely-expected default.
Shares of Evergrande popped on that news, closing up 4.26%.
The $83.5 million interest payment that was due Sept. 23 on Evergrande's March 2022 offshore bond has been closely watched since the heavily indebted property developer warned twice in September that it may default. Although the company missed the Sept. 23 deadline, it has a 30-day grace period before formally defaulting. U.S. dollar bonds are largely held by foreign investors.
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