11/12/2021- 8:00 a.m.
China Evergrande Shares Surge 16% – Highest Level Since September
Shares of China Evergrande Group gained 16% on Friday to its highest price since Sept. 30, after the cash-strapped developer once again avoided a destabilising default with a last-minute bond payment this week.
The world’s most indebted developer has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300bn in liabilities, $19bn of which are dollar bonds.
Evergrande has yet to pay the coupons of offshore bonds issued by unit Scenery Journey due on Nov. 6 worth a combined $82.49mn, which also have a 30-day grace period. It also has coupon payments totalling more than $255mn due on Dec. 28.
