In the offshore bond market, Country Garden has at least five coupon payments due this month, including two relatively sizeable dollar bond coupons worth US$15 million due on Sept 17, and US$40 million on Sept 27, each with a 30-day grace period.Īny default by Country Garden would exacerbate the country's spiralling real estate crisis, put more strain on its struggling banks, and could delay the recovery of not only the property market, but the overall Chinese economy. It has 108.7 billion yuan of debts due within 12 months, while its cash level was around 101.1 billion yuan as of end-June, according to the company's interim financial statement. Download Jefit, the best and most popular free Android and iPhone workout. It also made a last-minute dollar coupon payment offshore last week to avoid a immediate default.Ĭountry Garden, one of the few large Chinese developers that has not defaulted on debt obligations, has faced liquidity pressure with reduced available funds as sales plunged, its interim financial statements showed. Urban Chic featuring oversized hoodie, distressed jeans, and sneakers. The latest voting came after Country Garden on Sept 1 gained approval from creditors to extend payments by three years for a 3.9 billion yuan onshore private bond. The company's Hong Kong-listed shares rose 2.9% after the news, but were down nearly 61% since the start of the year. The other two bonds will see voting delayed, the two sources said, asking not to be named, because they were not authorised to speak with media.Ĭountry Garden did not immediately reply to a request for comment. In the voting, which concluded by 10pm Hong Kong time (1400 GMT) on Monday, creditors approved extending six out of the eight bonds, the two sources said. Onshore creditors voted on Monday for proposals by the distressed developer to extend repayments on eight onshore bonds worth 10.8 billion yuan (US$1.48 billion or RM6.93 billion) by three years.
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