Debt-laden property developer China Evergrande has paid the $83.5m interest payment on its offshore bond, just before a 30-day grace period expired, placing it in default, Chinese media reported Friday.
The world’s most indebted wired the payment due on its 8.25 per cent, $2.03bn bond maturing in March 2022 to Citibank on Thursday, according to reports by the state-run China Securities Times, citing unnamed sources.
Evergrande missed the payment on its offshore debt on September 23 and was given 30 days grace until this weekend before being declared in default.
The company owes $305bn and missed five interest payments on its offshore debt in September and October, including the payment made on Thursday. It has two coupon payments totalling $235m due on Sunday, media reports added.
