Evergrande reportedly pays overdue interest

The troubled Chinese property giant Evergrande has reportedly avoided default, making overdue interest payments on its corporate bonds.

Bloomberg and some other media organizations reported that Evergrande made interest payments, totaling 148 million dollars before the 30-day grace periods set to expire on Wednesday.

The company missed the initial deadline of October 11.

Evergrande, saddled with billions of dollars of debt, has managed to leap from one deadline to the next, meeting its repayment obligations only at the last minute.

Evergrande has reportedly sold part of its electric vehicle business and private jets, in a desperate effort to raise cash to avert a default.

Concerns about the developer persist in financial markets, as it is facing several debt principal redemptions due in the near future.

The Evergrande crisis is devastating the whole property market in China. Several other developers are reportedly in serious financial trouble as well.