China Evergrande Makes Overdue Interest Payment on Dollar Bonds, State Media Says - The Wall Street Journal

China Evergrande Group made an overdue interest payment to international bondholders, the state-owned Securities Times reported Friday, an unexpected move that allows the property company to stave off a default.

The Chinese real-estate developer on Thursday sent $83.5 million to the trustee for the dollar bonds, and that financial institution will in turn pay bondholders, the Securities Times reported.

The financial paper is run by the Communist Party’s flagship People’s Daily newspaper.