China's debtor Evergrande has agreed to pay 3.5 3.58 million in interest

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BEIJING: Evergrande, China's largest realty company, has indicated its readiness to pay interest on bonds. Notably, the bankrupt giant realty company feared that it would default on interest payments on bonds, fearing that the world was once again heading for a catastrophic recession like Lehman Brothers.

However, before the Evergrand situation becomes uncontrollable and hurts the global economy, including China, Xi Jinping's government has poured liquidity into the system and given the company some financial support, the company has shown readiness to pay interest on September 9.

Evergrande, China's largest realty company facing financial crisis, has said it will pay interest on the bonds on September 6. World markets have found general relief following the report. Evergrande's default was expected to have a huge adverse effect on the global financial system.

EverGrand is to make this payment on dollar bonds. This amount of dollar bond interest payment is estimated at ૫૮ 4.5 crore, or about Rs 3 crore.

Trading in the company's onshore exchange traded bonds has been suspended since September 15. Hangda Real Estate Group, the owner of EverGrande, applied for a one-day trading suspension. Technically, trading resumed on September 15, but only nominal deals are being made in these bonds. Traders say this is an attempt to control volatility.

Evergrande accounts for a large share of China's economy. Its bankruptcy could lead to a recession in many areas in China. Only one company contributes more than 5% of China's GDP.

Fear of Evergrande defaulting has led to sharp declines in stock markets in many countries around the world since the beginning of this week. If the company does not pay interest on the bond within 30 days from the due date, it will be treated as default, but the company said in an official statement today that it is ready to pay on the 9th, so the world market has breathed a sigh of relief again.


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