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China debt crunch

Evergrande averts default with belated bond interest payment

Chinese developer still under pressure as next deadline looms on Oct. 29

A publication owned by the People's Daily said Evergrande sent funds on Thursday to Citibank to settle a missed bond payment.    © AP
NARAYANAN SOMASUNDARAM, Nikkei Asia regional finance editor | China

HONG KONG -- Embattled China Evergrande Group is set to avert its first bond default after remitting $83.5 million to settle a coupon payment it missed last month.

The company, the world's most indebted real estate developer, could have been declared in default on Saturday, the end of a 30-day grace period for the missed coupon payment.

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