Evergrande misses second payment as investors gamble on debts

Evergrande has missed another interest payment, causing further jitters in global markets. The Chinese property group had been due to make a $47.5m payment on a bond that matures in 2024, but instead added the sum to the $83.5m it failed to pay last week. The fact that it did make a $35.9m payment to domestic creditors has led to concerns that offshore investors will be hardest hit. Evergrande has $305bn of liabilities, equivalent to 2% of China’s economic output. However, distressed debt funds and individual investors are flocking to bonds issued by Evergrande, betting that Beijing will be forced to rescue the country’s most indebted company. The Times (£) The FT (£)