Country Garden's Bond Payment Failure Raises Default Concerns in China
TL;DR
Chinese property developer Country Garden has failed to make a $15.4 million interest payment on a dollar bond, marking a significant decline for a company once considered one of China's safest developers. This missed payment could trigger cross-defaults on its other international debt, as Country Garden had approximately $15.2 billion of international bonds and loans outstanding as of June. The company's financial struggles raise concerns about the future of unfinished megadevelopments like Malaysia's Forest City.
- China's Country Garden Was Given a Second Chance to Make a Bond Payment. It Failed. The Wall Street Journal
- Country Garden: China property giant default fears grow BBC.com
- Country Garden debt deadline passes without a word Reuters
- Country Garden on Verge of First Default, Silent as Bond Payment Deadline Nears Bloomberg
- Country Garden Signals First-Ever Default Bloomberg Television
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