(Reuters) Chinese property developer Evergrande Group has reportedly paid several bondholders everting a looming default on overdue coupons.
The paid coupons relate to three bond tranches worth at least $148 million due last month. The payments were made at the end of a 30-day grace period that expired on Wednesday.
Two other separate offshore coupons due in late September and whose grace periods expired at the end of October were also paid.
The coupon payment by Evergrande boosted Chinese property stocks, with the real estate A-shares rising 9%, while Hong Kong’s Hang Seng Mainland Properties Index closed up 5.6%.
Evergrande has more than $300 billion in liabilities, with more than $19 billion dollar bonds, which has pushed the cash-strapped development to the brink of collapse.
Investors now wait to see whether the embattled developer will pay coupons worth more than $255 million due on December 28 amid growing pressure.
Evergrande stock reacts. 3333: HKG is up +6.75%.
