HONG KONG -- China Evergrande Group has averted yet another default at the last minute after it remitted overdue interest payments on a bond within the grace period, two investors said.
The move, the second in as many weeks, gives the world's most indebted developer with $300 billion in liabilities time to sell assets to shore up its finances and hold talks with bondholders. The two investors, who declined to be named as they are not allowed to speak about individual companies, said they received the payment late on Thursday -- or one day before the 30-day grace period was due to expire.
