Evergrande sells two jets, raises $50 million – report

China Evergrande Group has sold two of the company’s private jets in order to gather resources to avoid a default, The Wall Street Journal reported on Friday, citing people familiar with the matter.

The property developer amassed approximately $50 million from the sale, the outlet added.

“The sales closed in October, the same month that Evergrande made two overdue bond-coupon payments shortly before 30-day grace periods on them expired,” the report explained.

Breaking the News / BU