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.
Shares of Country Garden are expected to increase by 14.8% after selling a minority stake in a mixed development in Guangzhou for 1.3 billion yuan ($178.35 million) and extending a creditor voting deadline to delay repayment for an onshore private bond worth 3.9 billion yuan.
China's troubled real estate company Country Garden plans to raise funds to avoid default and repay its loans, amid concerns that its liquidity crisis could have a wider impact on China's economy.
China's troubled developer Country Garden is facing a debt crisis in the property sector, and if it fails to extend its domestic debt, it may default, exacerbating the country's real estate crisis and putting strain on its lenders.
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.
Chinese property giant Country Garden has reportedly won approval from local creditors to delay repayments on a maturing bond, providing a temporary reprieve for the company and easing concerns of a wider debt crisis in the country's real estate industry.
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.
Country Garden, a Chinese property developer, has received approval from its creditors to extend the maturity period of one of its onshore bonds by three years, as the company struggles to avoid default amidst the country's efforts to stabilize the crisis-hit 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 real estate developer Country Garden Holdings is unable to meet its offshore repayments, which may result in creditors demanding faster debt repayments or taking legal action, causing the company's shares to fall 1.19%.
Country Garden, China's largest private property developer, has warned about its inability to meet offshore debt obligations, potentially leading to one of the country's biggest debt restructurings, as China's property sector continues to face a liquidity squeeze and weaker sales.
Chinese developer Country Garden expects to miss its foreign debt payments, including on its US dollar-denominated debt, as the country's real estate crisis continues to take a toll; the company is engaging advisors to evaluate its capital structure and liquidity.
China's largest property developer, Country Garden, is facing a potential default on its loan repayments, which could have significant repercussions on the country's financial system.
Chinese property giant Country Garden Holdings is facing financial difficulties, as it missed a loan repayment and warned that it may not be able to repay all of its creditors, amid a struggling property market and a massive debt burden. Experts believe that the knock-on effects of a property bust in China, a market as big as China's, will have remarkable consequences and hinder the country's economic growth. The government is expected to provide some stimulus, but there are doubts about its effectiveness in addressing the underlying structural issues in the Chinese economy.
Chinese developer Country Garden could face default on its entire offshore debt if it fails to make a $15 million coupon payment, with the company appointing advisers to carry out an offshore debt restructuring, amid a worsening outlook for China's real estate sector. A default by Country Garden could further strain the country's real estate crisis and delay the prospect of recovery for the property market and the overall Chinese economy.
China's largest private property developer, Country Garden, has missed a $15 million coupon payment, heightening concerns of a default on its offshore debt and potentially triggering cross defaults on other bonds, as many Chinese property developers struggle with liquidity issues amid the country's real estate woes.
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