Evergrande pays overdue offshore bond: state media

Beijing (AFP) – China's troubled property giant Evergrande has made a key offshore interest payment a day ahead of a weekend deadline, state media said Friday, averting a devastating default.

Fears that Evergrande could collapse and send shockwaves through the Chinese economy have rattled buyers and markets, and shares plunged as the group resumed trading Thursday after a two-week halt.

But on Friday, the state-backed Securities Times said the embattled developer has wired an $83.5 million payment first due on September 23, citing "relevant channels".

It said bondholders would receive the payout before Saturday -- the end of a 30-day grace period.

In a statement this week, the Shenzhen-based group said it has made no further progress on asset disposals to raise capital, after a potential deal to sell a 50.1 percent stake in its property services arm fell through.

Evergrande sold a $1.5 billion stake in a regional Chinese bank in September.

Beijing has insisted any fallout from the Evergrande crisis could be contained.

Evergrande is believed to have missed several offshore bond payments but agreed a deal in September to pay interest on a domestic bond.

© 2021 AFP