Country Garden has told some of its offshore creditors it plans to present a debt restructuring proposal in the second half of this year, two sources said, as the embattled developer scrambles to stave off a liquidation petition. China's biggest private developer defaulted on its $11 billion worth of offshore bonds late last year and is facing a liquidation petition in Hong Kong for non-payment of a $205 million loan. China Evergrande Group was ordered to be liquidated in late January by a Hong Kong court after it failed to offer a concrete restructuring plan to creditors more than two years after defaulting on its offshore debt.
(Bloomberg) -- Chinese developer Country Garden Holdings Co., one of the biggest symbols of the nation’s broader property debt crisis, won approval to push back payments on three yuan bonds, people familiar with the matter said, staving off its first local default for now.Most Read from BloombergTaylor Swift Is Proof That How We Critique Music Is BrokenBiden’s Gains Against Trump Vanish on Deep Economic Pessimism, Poll ShowsBiden’s New Chopper Is Demoted After Scorching White House LawnTesla Soa
The largest Chinese private developer, which has defaulted on its $11 billion offshore bonds and is working on an offshore debt restructuring plan, had in September extended the maturities of eight onshore bonds worth 10.8 billion yuan ($1.49 billion) by three years. The first installments and interest of the three yuan bonds in question were originally due in March and June, Country Garden said in a statement to Reuters, without giving details of the total value involved. Two of the payments, under the extension plan finalised last year, were already overdue earlier this month and have entered into a 30-day grace period, according to Chinese media.