Country Garden Holdings (2007.HK), China's biggest private property developer, is hours away from defaulting on its $11 billion in overseas debt, yet to make a coupon payment due on Wednesday to its bond investors.
The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo, China's biggest private property developer, is hours away from defaulting on its $11 billion in overseas debt, yet to make a coupon payment due on Wednesday to its bond investors.
Country Garden will be deemed in default on its overseas debt if it does not make a $15 million payment for a September 2025 bond by midnight in New York .had not been made by early Wednesday, Reuters reported. The company last week warned of its inability to meet offshore debt obligations.The latest indicator of the health of the struggling Chinese property market will become clear on Wednesday when property sales by floor area are due to be published.
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.for Country Garden's offshore creditors to begin negotiations with the firm's financial advisors to start a restructuring process which could take many months given the scale of the debt.
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