HONG KONG -- Embattled China Evergrande Group is set to avert its first bond default after remitting 835 million to settle a coupon payment it misse. The worlds most indebted real estate developer China Evergrande Group has avoided default at least for now after making a key interest payment at the 11th hourThe Chinese property.
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From controlled demolition to near-certain default and state takeover money managers outline views on unfolding debt crisis.
Evergrande default. 1819 deadline when it will be formally declared in default if it still hasnt stumped up. Evergrande one of Chinas largest real-estate developers made a coupon payment that was originally due on 29 September the people said. Cash-strapped developer China Evergrande Group once again averted a destabilizing default with a last minute bond payment but the reprieve did little to alleviate strains in the countrys wider.
Evergrande liquidity crisis. Evergrande missed two coupon payments on its dollar bonds on Sept. China Evergrande Group avoided default for a second time by making an overdue interest payment on dollar bonds shortly before the end of a 30-day grace period people familiar with the matter said.
While Evergrandes payment was a positive it still needs to make overdue coupon payments of 195 million with the next major deadlines to avoid default on Oct. Evergrande Group has headed off default by wiring an overdue payment on an offshore bond as the troubled real estate developer cobbled together. Non-payment of interest for 30 days would result in a formal default by the company and trigger cross-default provisions for other Evergrande.
30 starting the clock on 30-day grace periods for payment. Evergrande didnt reply to a Reuters request for comment. Why the property developer faces risk of default Chinas most indebted real estate company struggles to escape vicious cycle as cash crunch mounts.
It has maintained radio silence for weeks and markets are now counting down to a Oct.
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