HONG KONG: Country Garden's entire offshore debt will be deemed to be in default if China's largest property developer fails to make a US$15 million coupon payment on Tuesday (Oct 17), the end of a 30-day grace period.
Non-payment of this tranche is set to trigger cross defaults in other bonds as is standard in bond contracts.
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.Country Garden has appointed Houlihan Lokey, China International Capital Corporation and law firm Sidley Austin as advisers to examine its capital structure and liquidity position and formulate a"holistic" solution.
So far, developers accounting for 40 per cent of Chinese home sales have defaulted on their debt obligations since 2021, according to JPMorgan. CreditSights figures show Chinese developers have defaulted on more than US$114.6 billion of US$175 billion in dollar bonds outstanding since 2021.
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