Shares of the Chinese developer China Evergrande soared in price by 16 percent. This is evidenced by the data of the Hong Kong Exchange.
The price of one share has risen to 2.94 Hong Kong dollar (0.38 dollars). Now the indicator has declined somewhat, the cost of one paper is 2.78 Hong Kong dollar (0.36 dollars). Shares began to grow after the problem developer was able to avoid default on debt payment on bonds. The amount of debt for three bonds to Clearstream clearing company clients amounted to $ 148 million. The Chinese developer was able to pay debt, being on the verge of a default due to the end of the 30-day grace period for the payment of bonds.
Previously, China Evergrande has already managed to avoid default. October 29, the company paid $ 45 million dollars to the holders of bonds. It was planned that Evergrande will make payment on September 29. Companies managed to pay debt shortly before the end of the 30-day grace period.
In October, the shares of the China Evergrande division for the release of electrocarps increased by 17 percent. The cost of securities began to increase after the company stated that it intends to make the production of electric vehicles with its main business. The release of the first model of the electric frame is scheduled for 2022 year.