China's struggling Evergrande Group says it will make part of its bond coupon payments that are due on Thursday. The firm has reportedly racked up debts of more than 300 billion dollars and is seen as being at risk of defaulting.
Evergrande executives said on Wednesday that they will manage to make a yuan-denominated coupon payment totaling about 35 million dollars, bringing some relief to investors.
There have been growing concerns that the group's financial difficulties could destabilize the entire Chinese economy. The worries have sent share prices lower around the globe.
Market sources say the embattled firm is not out of the woods yet. They note that Evergrande is also facing a dollar-denominated bond coupon payment due on Thursday. And large amount of similar payments are due toward the end of the year.