Grace period for China's Country Garden coupon payment expires
HONG KONG -The grace period for Chinese property developer Country Garden Holding's $15 million coupon payment has expired with no word that the money has been paid.If it has missed the payment on a September 2025 bond without coming to a deal with creditors, Country Garden would join scores of other Chinese developers who have defaulted, deepening the crisis roiling the property sector, which makes up about a quarter of the world's second largest economy.
Country Garden has also missed other offshore payments in the past few weeks, though those payments still have not seen their 30-day grace periods lapse. Last month it won approval from creditors to extend repayment on an onshore bond, the last in the batch of eight bonds it had been seeking extensions for, sources have said.A CreditSights report published on Tuesday found China's state-linked developers could still access funding markets while the private firms were struggling to source new capital.
A default would open the way for Country Garden's offshore creditors to begin negotiations with the firm's financial advisors. A restructuring process could take many months given the scale of the debt.
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