Country Garden delays US$535m onshore bond extension deadline at last minute
Chinese developer Country Garden has delayed the deadline for bondholders to vote on extending payment on a 3.9 billion yuan note by three years.
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Posted 8/25/2023, 2:47:59 PM
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Country Garden, China's largest private developer, has obtained approval from its creditors to extend payments for an onshore private bond, providing relief for the embattled company and the crisis-ridden property sector.
Country Garden's deal with creditors for an extension on debt payments has provided temporary relief for the developer and China's struggling property sector, but the success of government stimulus measures in reviving demand and easing the sector's cash squeeze remains uncertain.
China's largest private property developer, Country Garden, made interest payments on its U.S. dollar bonds just hours before the grace period deadline, avoiding default for the second time in four days and providing relief to the crisis-hit property sector.
Embattled developer Country Garden faces a new round of voting by creditors to extend several debt maturities, as it continues to navigate the crisis-hit Chinese property sector and avoid default.
China's largest private property developer, Country Garden, has won approval from its creditors to extend repayment on six onshore bonds by three years, providing relief to the country's crisis-hit property sector.
Embattled Chinese developer Country Garden is facing a deadline to pay $15 million in interest on an offshore bond, with concerns growing over its ability to meet its debt obligations amid a struggling property sector and weak property sales in China. If the payment is not made within the 30-day grace period, the principal will become due immediately and trigger cross-default terms on other credit. Some offshore creditors have already begun talks with law firms, indicating a potential debt restructuring.
Chinese property developer Country Garden has received bondholders' approval to extend repayments on one of its local notes.