By Ben Otto
China Evergrande Group will use its own funds to repay about US$1.75 billion of bonds coming due next week as well as interest on offshore debt, the property developer said Thursday.
Evergrande, one of China's biggest and most indebted property developers, said it would use its own funds to repay bonds due to mature on June 28 in the principle amount of US$1.45 billion, as well as interest payable on all its offshore U.S. dollar-denominated bonds in the amount of US$298.7 million.
It added that since March of last year, the company has used its own funds to repay seven series of offshore bonds in the amount of about US$10.6 billion. It has no further domestic or foreign public bonds due before March 2022, it said.
The heavily leveraged company has been under pressure from investors concerned about the company's financial health.
Earlier this month, the company was forced to defend itself against online allegations and dwindling investor confidence for the second time in less than a year, saying its business was operating normally and threatening individuals who spread unfounded rumors with legal action.
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(END) Dow Jones Newswires