Report: Struggling Chinese developer makes bond payment
BEIJING (AP) — An official Chinese newspaper says a troubled developer whose struggle to avoid a multibillion-dollar debt default is rattling global financial markets has wired $83.5 million to make an overdue payment to foreign bondholders. Evergrande Group’s struggle to reduce its 2 trillion yuan ($310 billion) of debt to comply with tighter official curbs on borrowing has prompted fears a default might trigger a financial crisis. Chinese officials have tried to allay investor fears by saying the debt problems can be controlled and there should be no impact on the financial industry. The Securities Times said Evergrande wired money to a Citigroup account for a bond payment that was due Sept. 23.