Questions remain over whether Evergrande was able to afford an $83 million debt payment due this Thursday. With 30 days remaining before the firm would default on such a payment, Beijing appears to
The Evergrande Group, China’s second-largest real estate company, experienced a 17.6 percent jump in its share price by the end of Thursday trading in Hong Kong, its first jump following days of consistent losses. The company faces over $300 billion worth of debt after taking out loans for years in a quest to grow alongside China’s expanding economy. While a Thursday deadline for an $83 million loan payment was meant to serve as a beacon toward what investors could expect for the firm’s long-term future, news of what’s next remained unknown. The company released no information on the status of its $83 million payment, nor did the Chinese government. While the payment is due Thursday, according to reports, the company will have a 30-day grace period to settle the debt before defaulting.
