Country Garden delay key vote as China rolls out more support

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Country Garden delay key vote as China rolls out more support
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HONG KONG, Sept 1 — Embattled Chinese developer Country Garden is delaying a deadline for creditors to vote on whether to postpone payments for an onshore private bond, Bloomberg...

HONG KONG, Sept 1 — Embattled Chinese developer Country Garden is delaying a deadline for creditors to vote on whether to postpone payments for an onshore private bond, Bloomberg reported on Thursday, while Beijing rolled out more support measures for the property sector.

The property sector, which accounts for roughly a quarter of the economy and is now grappling with a debt crisis that has rattled global markets, has been on a downward spiral since 2021 after Beijing cracked down on debt accumulation by developers. While it did not specify the size of existing mortgage rate cuts, the central bank said the downpayment ratio for first-time home purchases should be no lower than 20%, and no lower than 30% for second-home purchases.

If the move was broadly implemented in large cities it “may provide a modest growth impulse to the property market,” although the magnitude was likely to be measured, it said in the note. “In the onshore market, debt extension is a common practice, and many developers have reached an agreement with investors,” said Gary Ng, Asia Pacific senior economist at Natixis.

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