Chinese developer Country Garden Holdings Co. won approval from creditors to extend a maturing yuan bond, helping avoid a first-time default and bringing some respite amid a liquidity crisis that’s shaken the nation’s financial markets.
The company received sufficient support in a vote that ended late Friday to stretch payments on the 3.9 billion yuan of outstanding principal into 2026, according to filings to the Shanghai Stock Exchange’s private disclosure platform that were seen by Bloomberg News. The security has a Sept. 2 maturity, which means it effectively falls due Sept. 4, the next business day.
As China’s broader property debt crisis heads into its fourth year, tests are far from over for Country Garden, formerly the nation’s biggest developer. More debt deadlines loom for the builder that has about $187 billion of total liabilities. That status had given Country Garden the firepower to withstand an industry cash crunch that led to record defaults since China Evergrande Group first missed bond payments in 2021. But an industry slump is threatening that streak. Any stumble by Country Garden, now China’s sixth-largest builder by contracted sales, risks worse fallout than from Evergrande given it has quadruple the property projects.
The developer recently posted an unprecedented net loss of 48.9 billion yuan for the first half of the year and warned of possible default.
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