By Xie Yu HONG KONG (Reuters) - Embattled Chinese property developer Country Garden faces yet another liquidity test with Monday's deadline to pay $15 ...
By Xie Yu HONG KONG - Embattled Chinese property developer Country Garden faces yet another liquidity test with Monday's deadline to pay $15 million in interest linked to an offshore bond,aFrite Restaurant's Fight for Survival: little Halifax versus Halifax's little Toronto | SaltWireHONG KONG - Embattled Chinese property developer Country Garden faces yet another liquidity test with Monday's deadline to pay $15 million in interest linked to an offshore bond, after having dodged...
"It's going to be really hard," for Country Garden to meet debt obligations due to its tumbling cash levels at a time when property sales in the world's second-largest economy remained very weak, Chow said. It avoided default by securing creditors' approval to extend payments for an onshore private bond, a major relief for the embattled Chinese developer as well as the crisis-hit property sector.
Some offshore creditors have started talks with New York-based law firm Kobre & Kim LLP and London-based Ashurst and are looking at forming groups if the developer seeks to restructure debt.China has rolled out support measures to help revive the property sector, which accounts for roughly a quarter of its economy and has been reeling from an unprecedented liquidity crisis since 2021.
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China's cash-squeezed Country Garden faces another dollar coupon deadlineEmbattled Chinese property developer Country Garden faces yet another liquidity test with Monday's deadline to pay $15 million in interest linked to an offshore bond, after having dodged default at the last minute twice this month. Country Garden, whose financial woes have worsened the property sector outlook and spurred a raft of support measures from Beijing, will have a 30-day grace period to pay the coupon before it is considered in default. The coupon payment had not been received by late afternoon on Monday, said one holder of the bond tranche, who sought anonymity as they were not authorised to speak to media.
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Cash-squeezed developer Country Garden faces another dollar coupon deadlineEmbattled Chinese property developer Country Garden faces yet another liquidity test with Monday's deadline to pay $15 million in interest linked to an offshore bond after having dodged default at the last minute twice earlier this month. The country's No.1 private developer, whose financial woes have worsened the property sector outlook and prompted Beijing to unveil a raft of support measures, will have a 30-day grace period to pay the coupon before it would be considered in default. If Country Garden fails to pay the $15 million before the grace period ends in mid-October, the principal will become due immediately and any failure to service will trigger cross-default terms, said Sandra Chow, co-head of Asia-Pacific research at CreditSights.
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Cash-squeezed developer Country Garden faces another dollar coupon deadlineBy Xie Yu HONG KONG (Reuters) - Embattled Chinese property developer Country Garden faces yet another liquidity test with Monday's deadline to pay $15 ...
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Country Garden Dollar Bond Coupon Due as Yuan Debt Vote to EndDistressed Chinese developer Country Garden Holdings Co. faces two more tests Monday: an initial deadline to pay dollar bond interest and the end of creditor voting on its request to extend payment on a yuan note.
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Country Garden Dollar Bond Coupon Due as Yuan Debt Vote to End(Bloomberg) -- Distressed Chinese developer Country Garden Holdings Co. faces two more tests Monday: an initial deadline to pay dollar bond interest and the end of creditor voting on its request to extend payment on a yuan note.Most Read from BloombergWall Street Comes to Grips With How Wrong It’s Been in 2023MGM Resorts Hackers Broke In After Tricking IT Service DeskThe World Is Struggling to Make Enough DieselUltra-Rich Buy Ultra-Luxury Counseling to Get Kids Into HarvardHouse Republicans Prep
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