HONG KONG, Nov 11 (Businesshala) – Several bondholders in China Evergrande Group have received coupon payments from a heavily indebted property developer, Chinese media outlet Calianche reported on Thursday, downplaying concerns about a potentially volatile default.
The report cited several bondholders as saying they received interest payments in three bond tranches, which totaled more than $148 million in interest payments due last month, but whose grace period expired on Wednesday.
Evergrande, the world’s most indebted developer, has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are international market bonds.
Failure to pay could result in a formal default by the company and trigger cross-default provisions for other Evergrande dollar bonds, threatening a debt crisis in the world’s second-largest economy.
Evergrande could not immediately be contacted for comment. (Reporting by Claire Jim; Editing by Lincoln Feast.)