Evergrande Paid off $83.5 million in bond debt. avoiding default
"Evergrand" plans to paySLOT XOinterest on debt worth $83.5 million. due on September 23 timely before legal default is deemed to be
On October 22, 2021, CNBC news agency reported that Chinese local news sources The Securities Times said China's second-largest real estate giant, China Evergrand, plans to pay $83.5 million in bond interest to bond holders. Which is due on September 23, in time before the legal default.
In the past September and October Evergrande defaulted on up to four bond interest payments totaling at least $279 million.
Meanwhile, the company is also scheduled to pay interest on its bonds in November and December.
even before "Evergrand" is growing quickly. But it faced problems after the Chinese government introduced new measures in August 2020 to closely monitor and control the debts of major real estate developers.
By such strict measures, "Evergrand", which relies on money from pre-sales. Then bring it to spin various businesses to sell the project with a steep discount.
However, the money was still insufficient for debt totaling more than $300 billion. After many years borrowing huge amounts of money to grow.