Struggling Evergrande Group says it will make bond payment this week
CBSN
Signs that a struggling Chinese real estate firm will make a promised payment to bondholders buoyed investors, with U.S. financial markets set to continue rebounding after a steep fall earlier this week.
Evergrande Group said it will pay interest due Thursday to bondholders in China, which would help the property developer avoid defaulting on billions of dollars in debt. Concerns that the company's collapse could slam Chinese banks and rattle the country's vast real estate market have roiled global financial markets.
Evergrande's billionaire founder, Xu Jiayin, expressed confidence in a letter to employees this week that the company will quickly resolve its debt problems.
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