China Evergrande Group started returning a small portion of the money owed to buyers of its investment products, weeks after people protested against missed payments at its Shenzhen headquarters, pictured here on Sept. 30, 2021.
Gilles Sabrie | Bloomberg | Getty Images
Evergrande has remitted the funds for a key interest payment that was due Sept. 23 — ahead of a 30-day grace period that ends Saturday, according to Chinese state media Securities Times.
The $83.5 interest payment on Evergrande’s March 2022 offshore bond had been closely watched by investors since the heavily indebted property developer warned twice in September that it may default.
The Securities Times report said Evergrande has remitted the $83.5 million through Citibank. Citibank declined to comment on this report.
Evergrande has missed four other coupon payments in September and October.
The property giant, which is buckling under the weight of more than $300 billion in debt, has been struggling to raise funds.
The report said Evergrande plans to make the interest payment in time for the Oct. 23 deadline.
— This is a developing story. Please check back for updates.