Evergrande will pay $83.5 million in interest on its debt due Sept. 23, ahead of the statutory default.
On October 22, 2021, CNBC news agency reported that local Chinese news source The Securities Times said that China'sSLOTXOsecond-largest real estate giant, China Evergrand, has been in the process of increasing the number of real estate developers. It plans to pay $83.5 million in bond interest to bond holders. which was due on September 23, before the statutory default time.
In September and October, Evergrande defaulted on up to four bond interest payments totaling at least $279 million.
meanwhile The company is also scheduled to pay interest on bonds in November and December.
Before "Evergrand" grew rapidly. But it faces problems after the Chinese government introduced new measures in August 2020 to closely monitor and control the debt of major real estate developers.
by such strict measures "Evergrand" which relies on pre-sale proceeds and then use it to spin various businesses to sell the project with overwhelming discounts.
However, the money wasn't enough to cover the $300 billion in debt. After years of borrowing large amounts of money to grow
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