Business

Country Garden, a big Chinese property developer, managed to make two interest payments to bondholders just before the end of a 30-day grace period, thus avoiding a technical default. The company had only recently warned that it might default on its debt after reporting a huge quarterly loss. With around $187bn in total liabilities, its struggles have rattled investors. However, Chinese markets rallied (albeit briefly) in response to the latest news, and to announcements from Beijing, Shanghai and other cities about easing mortgage requirements for homebuyers.