With nearly $11-billion of offshore bonds and $6-billion of offshore loans, a default by Country Garden would set the stage for one of China’s biggest corporate debt restructurings
A residential complex built by Chinese property developer Country Garden, in Nanjing, in China's eastern Jiangsu province, on Aug. 31.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.
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. Three of its bonds lost more than a fifth of their value before their trade was suspended and its stock tumbled 9 per cent. In mainland China, Evergrande Group, which is in the centre of the debt crisis, said on Monday it will hold a bondholder meeting on Wednesday and Thursday to approve a plan to delay the buyback date for a 2.1 billion yuan puttable bond by one year to Oct 2024.
As more developers move towards restructuring debt, their offshore creditors are expected to be offered less favourable terms amid a worsening outlook for the country’s real estate sector. Chinese courts have ordered a freeze on 63.68 million yuan worth of shares in two units of Country Garden Services, a sister company of the embattled developer, until October 2026, according to company filings portal Tianyancha on Tuesday.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Country Garden's entire offshore debt to be in default if Tuesday payment not madeExplore stories from Atlantic Canada.
Lire la suite »
Tuesday will be better for many, but that’s not exactly a tall taskThe area of low pressure that, by in large, brought a miserable Monday to most of Newfoundland is pulling away, to the east, of the region this morning.
Lire la suite »
China's Xi met with Kazakhstan president on Tuesday morningExplore stories from Atlantic Canada.
Lire la suite »
China's Xi met with Kazakhstan president on Tuesday morningExplore stories from Atlantic Canada.
Lire la suite »