Explore stories from Atlantic Canada.
Bruce Cockburn: 50 years of music, spirituality and social justice | SaltWireHONG KONG - Country Garden's entire offshore debt will be deemed to be in default if China's largest private property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period.A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Its dollar bonds are being bid at below 6 cents on the dollar.
Bondholders are also in talks with other financial institutions and law firms to form a group to consider their options. Country Garden had total liabilities of 1.4 trillion yuan at the end of June, including nearly $11 billion of offshore bonds and $6 billion of offshore loans. Since the sector's debt crisis unfolded in mid-2021, companies accounting for 40% of Chinese home sales have defaulted, most of them private developers. Chinese developers have defaulted on more than $114.6 billion of $175 billion in dollar bonds outstanding since 2021.
With property sentiment already very weak, home-buyers could become even more wary of private developer brands, and home prices in many areas could come under greater pressure if Country Garden resorted to fire sales to raise cash.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Country Garden in Final Hours to Avoid First Dollar Bond DefaultThe clock is ticking for Country Garden Holdings Co. to avert its first-ever public dollar bond default, as the distressed Chinese developer faces the imminent end to a deadline for interest payment.
Read more »
Country Garden's entire offshore debt to be in default if Tuesday payment not madeExplore stories from Atlantic Canada.
Read more »
Country Garden Bondholders Yet to Get Interest as Deadline Looms(Bloomberg) -- The clock is ticking for Country Garden Holdings Co. to avert its first-ever public dollar bond default, as some creditors said they still...
Read more »
Explainer-What is the nuclear test ban treaty and why is Russia changing its position?Explore stories from Atlantic Canada.
Read more »
Explainer-What is the nuclear test ban treaty and why is Russia changing its position?Explore stories from Atlantic Canada.
Read more »
Explainer-New Zealand voted for change, what happens now?Explore stories from Atlantic Canada.
Read more »