Share this Story: China's troubled property behemoth Evergrande averts default for nowChina's troubled property behemoth Evergrande averts default for now Photo by Xihao Jiang / REUTERSArticle content HONG KONG/SHANGHAI — China Evergrande Group appeared to have averted default with a last-minute bond coupon payment, a source said on Friday, buying it another week to wrestle with a debt crisis looming over the world’s second-biggest economy. Try refreshing your browser, or China's troubled property behemoth Evergrande averts default for now Back to video That brought relief for investors and regulators worried about fallout for global markets and added to reassurances from Chinese officials that creditors would be protected. Article content The company, once China’s top-selling property developer, did not respond to a request for comment. Article content Evergrande missed coupon payments totalling nearly $280 million on its dollar bonds on Sept. 23, Sept. 29 and Oct. 11, beginning 30-day grace periods for each. Article content Chinese property companies could now be locked out of offshore debt markets until early next year.

Source: Daily Sun October 22, 2021 14:59 UTC