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China Evergrande averts default with last-minute $47.5M payment | Money Talks
03:49
Asia Pacific
China Evergrande averts default with last-minute $47.5M payment | Money Talks
China Evergrande has averted a default for the second time this month, though questions remain over the company's ability to cover hundreds of millions of dollars in liabilities due in the coming weeks. The real estate giant has reportedly sent more than $47M it owed to bond holders. That interest payment was due late last month, but a 30-day grace period gave the company more time before creditors could officially declare a default. Evergrande is one of China's largest home and office builders, but has more than $300B in debt on its books. Einar Tangen, senior fellow at Beijing-based think tank Taihe Institute, helped shed some light on the government response to the crisis. #Chinaevergrande #Debt #RealEstate
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