A Country Garden development in Beijing on August 11
Hong Kong CNN  — 

Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace period, avoiding an imminent debt default, according to multiple state media reports.

The China Securities Journal reported on Tuesday that the company had paid the overdue interest of $22.5 million on the bonds, citing people close to the company.

That means the property giant has been able to avoid defaulting on two of its dollar bonds this week, fueling optimism among some investors that the debt-laden company may be able to find enough cash to see it through the country’s real estate crisis.

The two dollar payments come after the company won last minute support late last week from Chinese investors to delay payment of a maturing yuan-denominated bond.

Country Garden, which was China’s largest residential developer by sales last year, hasn’t responded to a CNN request for comment.

The two bonds, which were sold to overseas investors, matured on August 6 and the property giant had another 30 days to pay the coupons before it could be declared a defaulter.

Shares in Country Garden, which dropped as much as 5% on Tuesday, pared losses following the publication of the media reports. It closed down 1% in Hong Kong. The stock has lost 62% this year.

Making the crucial payments doesn’t mean the company is out of the woods yet. It p