11/11/2021- 11:17 p.m.
Evergrande Swerves Default but Faces Year-End Deadline on a Further $366 Million
China Evergrande Group has to pay another $366mn in interest payments on its onshore and offshore debt – some already overdue – by the end of this year.
The world’s most indebted property developer reportedly averted default with last-minute payments on overdue bonds Wednesday, according to people familiar with the matter.
However, Evergrande is far from out of the woods as it seeks to sell assets and offload properties to try to keep ahead of its repayment schedule – the company raised $144mn in recent days by further selling down its stake in internet company HengTen Networks Group.
