China's Evergrande Group avoided default and bought itself another week to deal with a looming debt crisis after it made a last-minute bond coupon payment. China's second-largest property developer sent $83.5 million to a Citibank trustee account, enabling it to pay a bond due by October 23rd.

Evergrande is currently the world's most indebted property firm with the equivalent of over $300 billion in liabilities, valued at about 2% of the People's Republic of China's Gross Domestic Product (GDP). The company's next payment is on October 29th, and is valued at $47.5 million. It also has over $335 million in offshore coupon payments coming up in November and December. If Evergrande fails to to make next week's payment or any other upcoming final deadlines, defaults would be triggered on all $19 billion of its bonds in international capital markets, making it the seconds largest emerging market corporate default after Petroleos de Venezuela, Venezuela's state-owned oil firm.

In the last year, Evergrande's share prices lost over 80% of its value. News of the latest repayment resulted in an initial 7.8% increase in share price, but still finished the week down 8.8%.  

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