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| HONG KONG — China Evergrande, the troubled property giant that is teetering on the edge of collapse, appears to have bought itself a little more time. | 香港——陷入困境、濒临倒闭的房地产巨头中国恒大似乎为自己争取了一点时间。 |
| On Friday, the world’s most indebted property developer made a $83.5 million interest payment to bondholders, according to China’s Securities Times, an official newspaper. The outlet, which is backed by People’s Daily, the Communist Party’s official newspaper, didn’t offer further details. | 据中国官方报纸《证券时报》报道，周五，这家全球负债最多的房地产开发商向债券持有人支付了8350万美元的利息。这家隶属于共产党官方报纸《人民日报》的报纸没有给出更多细节。 |
| The payment came with just one day left on a 30-day grace period to avoid a default. The company gripped global financial markets a month ago when it skipped a payment to foreign bondholders, raising the prospect that it could leave global investors with billions of dollars in losses and cause ripples within China’s property market, a key component of the country’s economic growth engine. | 恒大在30天的宽限期仅剩一天之际支付了利息，以避免违约。一个月前，该公司未能向外国债券持有人付款，令全球金融市场陷入恐慌，人们愈发担忧它是否会给全球投资者造成数十亿美元的损失，以及在中国房地产市场——中国经济增长引擎的关键组成部分——引起连锁反应。 |
| Evergrande did not respond to a request for comment. Lawyers representing the bondholders declined to comment. | 恒大没有回应置评请求。代表债券持有人的律师拒绝置评。 |
| Weighed down by more than $300 billion of debt, the property developer has been trying to sell off parts of its vast empire in order to raise enough cash to pay off creditors who are circling. | 这家房地产开发商背负着超过3000亿美元的债务，它一直试图出售其庞大帝国的某些部分，以筹集足够的现金来偿还紧追不放的债权人。 |
| This week, one of those deals — largely seen as a last-ditch lifeline — fell through. The deal would have allowed Evergrande raise some $2.6 billion in exchange for a stake in its property services company, providing much needed cash to begin dealing with a long line of creditors looking to get their money back. | 本周，其中一项在很大程度上被视为救命稻草的交易宣告失败。恒大本可以通过这笔交易用能其房地产服务公司的股份筹集约200亿港元，提供急需的现金来开始应对一连串希望收回资金的债权人。 |
| After reporting the deal had failed, Evergrande warned that “in view of the difficulties, challenges and uncertainties,” it faced, it could not guarantee it would “be able to meet its financial obligations.” | 在宣告交易失败后，恒大警告称，“鉴于其面临的困难、挑战和不确定性”，它无法保证“能够履行其财务义务”。 |
| Evergrande shares were up more than 4 percent on the Hong Kong stock market on Friday, one day after they plummeted by more than 12 percent as the market digested the news of a failed bid. Some of its bonds traded below 25 cents on the dollar. | 恒大股价周五在香港股市上涨逾4%，此前一天，由于市场收到收购失败的消息，恒大股价暴跌逾12%。它的一些债券交易价格低于债券面额的25% |
| Until the report from the Securities Times on Friday, many market watchers were betting that Evergrande would miss the bond payment, effectively triggering a default. | 直到《证券时报》周五的报道前，市场观察人士仍认为恒大将无法按时偿债，从而引发违约。 |
| Evergrande’s financial crisis is testing the resolve of Chinese officials who were once quick to step in to save struggling giants like Evergrande. They have pledged to clean up China Inc.’s mountain of debt and end the property sector’s binge borrowing habits. | 恒大的金融危机正在考验中国官员的决心，曾几何时，他们会迅速出手拯救像恒大这样陷入困境的巨头。现在他们承诺清理中国公司的巨额债务，并结束房地产行业大肆借贷的习惯。 |
| “Anything that smacks of ‘saving Evergrande’ risks creating moral hazard that runs against the anti-leverage campaign,” said Arthur Kroeber, head of research at the economic research firm Gavekal Dragonomics. | 经济研究公司龙洲经讯(Gavekal Dragonomics)的研究主管葛艺豪(Arthur Kroeber)表示：“任何带有‘拯救恒大’意味的东西，都有可能引发道德风险，与去杠杆行动背道而驰。” |
| The country’s corporate sector has $27 trillion worth of debt, more than any other country in the world, according to the International Institute of Finance. By comparison, that is the total amount of debt held by the United States government. | 根据国际金融研究所(International Institute of Finance)的数据，该国的企业部门背负着价值27万亿美元的债务，超过世界上任何其他国家。这相当于美国政府的债务总额。 |
| Yet if the authorities let Evergrande fail, they could hurt some of the estimated more than one million Chinese home buyers who have bought apartments from the company and are waiting for them to be built and delivered. A collapse could also slam construction workers and subcontractors who are waiting to be paid. | 据估计有一百万人购买了恒大的住房，并在等待建设和交付，如果当局任凭恒大倒闭，可能会伤害其中一些购房者。倒闭也可能使等待获得报酬的建筑工人和承包商遭受重创。 |
| Beyond the company itself, the authorities risk sending a chill through China’s property market and beyond, shaking the confidence of households to buy everything from home appliances to cars. | 除了公司本身，当局还可能让中国房地产市场及其他领域产生担忧，动摇从家用电器到汽车等各种商品的家庭消费信心。 |
| As Evergrande has struggled to sell its properties, many of the nation’s home buyers have been put off from buying property. Evergrande this week reported its own sales of new apartments dropped by 97 percent over September and part of October compared with the previous year, a period that is typically the peak selling season for Chinese property developers. | 在恒大苦于难以出售其资产之际，全国的许多购房者推迟了购房计划。恒大本周报告称，9月和10月的部分时间与去年相比，新公寓的销售额下降了97%，而这一时期通常是中国房地产开发商的销售旺季。 |
| Across China, new home prices fell for the first time in more than six years in September compared to the previous month, according to data from China’s National Bureau of Statistics. Evergrande’s financial troubles have already spilled over to other developers, three of which have defaulted on their own debt in recent days. | 根据中国国家统计局的数据，中国各地9月的新房价格较上月相比下降，这是六年多来的首次。恒大的财务困境已经波及到其他开发商，其中三家开发商在最近几天发生了债务违约。 |
| Even as Evergrande appeared to appease some investors and narrowly avert a default on one bond payment on Friday, it will need to come up with more money to meet deadlines for other debt payments in the coming days and weeks. | 即使恒大看似缓解了一些投资者的担忧，并在周五勉强避免了一笔债券的违约，但在未来几天和几周内，它也面临着其他几笔债券支付的最后期限。 |
| “China Evergrande needs access to funding in order for its business to operate,” said Daniel Anderson, a Hong Kong-based partner of the law firm Ropes & Gray. If the company can’t find the money to make future payments, it still risks a default. | “中国恒大需要获得资金才能开展业务，”瑞格律师事务所(Ropes & Gray)驻香港合伙人丹尼尔·安德森(Daniel Anderson)表示。如果公司找不到钱来支付未来的款项，它仍然有违约的风险。 |
| “A default would give holders of those defaulted bonds the right to accelerate, which could trigger defaults under other bonds and indebtedness,” Mr. Anderson said. | 安德森说：“违约将使那些违约债券的持有人有权要求提前收回本金，这可能会引发其他债券和债务的违约。” |
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