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Country Garden Holdings Company Limited (CTRYY)
- Bloomberg
Country Garden Extends Bonds to Avoid First Local Default
(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
- Reuters
Country Garden allowed to postpone first payments on three onshore bonds
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.
- Fortune
Vietnam’s ‘blazing furnace’ sees real estate mogul sentenced to death for $12 billion fraud. It’s the biggest eruption yet in Asia’s volcanic housing bust
The fraud is equivalent to 3% of the country's GDP.
