The hard-hit Chinese real estate group Evergrande rose sharply on Thursday despite persistent fears of default on the Hong Kong stock exchange.
The Evergrande share made a jump of over 30 percent at the start of trading, but reduced the increase by noon to a plus of around ten percent.
According to observers, investors reacted to an announcement from the previous day that the company could get some breathing space.
Evergrande announced on Wednesday that the company had agreed with creditors to pay interest on a bond traded in Shenzhen, southern China, which matured on Thursday.
The Hong Kong Stock Exchange was closed on Wednesday for a public holiday.
Further interest payment due soon
However, the fact that the company has still not provided any information on another offshore bond traded in US dollars caused great uncertainty.
According to calculations by the financial service Bloomberg, Evergrande has to make an interest payment of 83.5 million US dollars (around 71 million euros) on Thursday.
Another interest payment of $ 47.5 million is due on September 29th.
According to Bloomberg, there is a grace period of 30 days for both payments, which could give Evergrande more time.
How much Lehman is there in Evergrande? Read all the important backgrounds and parallels here.
The Chinese group has debts of the equivalent of more than 300 billion dollars.
Investors fear a default.
The corporation has to raise money to pay banks, suppliers and bondholders on time.
In addition, Evergrande owes retail investors, including many employees, billions of dollars.
The boss of Evergrande had encouraged employees in a letter on Tuesday.
He is firmly convinced that one can overcome the "darkest moment", wrote CEO Xu Jiayin.
You will show yourself responsible towards home buyers, investors, partners and financial institutions.