Evergrande avoids default for second time

Evergrande has avoided a formal default for a second time in a week, making a $47.5m interest payment hours before the deadline. The Chinese property developer, which is reeling under $305bn of debt as Beijing tightens rules on lending, made the coupon payment to dollar bondholders earlier today. A failure to pay by the Friday deadline would have triggered cross-defaults on all of the company’s $19bn of bonds in international capital markets, in what would have been the world’s second-largest emerging market corporate debt default. Last week it staved off default by paying $83.5m. Both debts had already been granted a one-month grace period. The Guardian