China’s Evergrande says will make a scheduled payment
Al Jazeera
Indebted property developer, however, has not said whether it will meet two other upcoming interest payments, including one on Thursday.
China Evergrande Group’s main unit has said it would make a coupon payment on its domestic bonds on schedule, offering some relief to jittery markets that had been on edge over fears that a default of China’s No 2 developer could ripple through the global financial system.
Hengda Real Estate Group said in a statement on Wednesday it would make the coupon payment on its Shenzhen-traded 5.8 percent September 2025 bond on time on September 23.
The announcement comes as Evergrande, once the country’s top-selling developer, inches closer to a key deadline for an interest payment on a dollar bond, with financial markets tense even as investors and analysts played down the threat of its troubles becoming the country’s “Lehman moment.” The large US investment bank went bankrupt in 2008 amidst the subprime mortgage crisis.
