(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
Holders of that local bond due Oct. 21 have until 10 p.m. Beijing time Monday to vote on the proposal to stretch payment by three years. If they reject it, Country Garden would need to pay the 492 million yuan of outstanding principal next month, its largest near-term maturity just as it’s struggled to make smaller payments.
Memories are fresh of a similar combined $22.5 million interest payment that Country Garden failed to make by an effective Aug. 7 deadline, raising risks of its first default. That stumble shocked Chinese financial markets before the firm eventually honored the obligation at the last minute of grace periods earlier this month.
A household name in China famous for building homes in smaller cities, Country Garden is also one of the world’s most heavily indebted developers. A record first-half loss has complicated efforts to trim 1.36 trillion yuan of total liabilities. But there’s no shortage of hurdles remaining. At the heart of the challenges are the broader declines in the nation’s real estate sector. The company’s contracted sales plunged 72% from a year earlier in August, worsening after declines in previous months.
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