Shares in Evergrande have jumped after the property giant struck a deal with Chinese bondholders

This announcement has calmed investors who are owed debts of more than 300 billion.

The Hong Kong market was closed at the time the deal was made, with Evergrande shares closing 17 percent higher after a volatile day of trading.

As the firm struggles to raise enough money to meet its obligations… its shares have dropped more than 80% of their value so far this year.

The company says in a statement that it will endeavor to pay interest payments for its domestic bonds, estimated to be worth around $35 million U-S dollars.

The statement does not reveal how much interest will be paid, saying the bond “has already been resolved through private negotiations”.