China Evergrande Group appeared to have averted default with a last-minute bond coupon payment, a source said on Friday, buying it another week to deal with a debt crisis looming over the world’s second-biggest economy.

China’s second-largest property developer sent $83.5 million to a Citibank trustee account on Thursday, the person with knowledge of the matter told Reuters, enabling it to pay interest on a U.S. dollar bond due by Oct. 23.

That spelt relief to investors  and regulators worried about fallout around global markets  and added to Chinese officials’ reassurances that creditors will be protected.

Still, the world’s most indebted property firm – with more than $300 billion in liabilities – will need to make payments on a string of other bonds, with the next major deadline to avoid on Oct. 29 and little known about its capacity to pay.

Evergrande did not respond to a request for comment. Citibank declined to comment. The source was not authorized to speak with media and so declined to be identified.

Evergrande’s woes have been snowballing for months and its dwindling resources set against its vast liabilities have wiped out 80 per cent of its value.

Founded in Guangzhou in 1996, the developer epitomized a freewheeling era of borrowing and building. But that business model has been scuttled by hundreds of new rules designed to curb developers’ debt frenzy and promote affordable housing.

The news about the remittance on Friday implies Evergrande will pay the next offshore coupon, said analyst Travis Lundy at Quiddity Advisors in Hong Kong.

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