China Evergrande Group pulled back from the brink of default by paying a bond coupon before yesterday’s deadline, giving the property giant at least another week to come to grips with a debt crisis that has rattled investor confidence in the world’s second-largest economy.

The $83.5m (R1.2-trillion) payment to international bond holders surprised some China watchers who had expected Evergrande to prioritise local creditors, suppliers and disgruntled home buyers — many of whom are waiting for the company to make good on overdue obligations...

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