China Evergrande will make crucial bond payment to avert looming default – reports

The struggling property giant has wired $83.5m to creditors, Chinese media says, but deadlines loom for another $193m in payments

The troubled property company China Evergrande Group has come up with the money to pay a $83.5m bond interest payment that it missed in September, according to reports.

The company, which has debts of around $305bn, wired the $83.5m payment and noteholders will receive it before Saturday, China's state-backed newspaper Securities Times said on Friday, citing relevant channels, according to Bloomberg.