HONG KONG: China Evergrande Group wired funds to a trustee account on Thursday for a dollar bond interest payment due Sep 23, a source told Reuters on Friday, days before a deadline that would have plunged the embattled developer into formal default.
"But still, Evergrande does need to restructure its debt. This payment might be a way for them to get some sort of buy-in with stakeholders before the heavy work needed on the restructuring." "This is a positive surprise," said James Wong, portfolio manager at GaoTeng Global Asset Management, adding many had expected a default.
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