HONG KONG, Sept 18 — Embattled Chinese property developer Country Garden faces yet another liquidity test with today’s deadline to pay US$15 million (RM70 million) in...
HONG KONG, Sept 18 — Embattled Chinese property developer Country Garden faces yet another liquidity test with today’s deadline to pay US$15 million in interest linked to an offshore bond, after having dodged default at the last minute twice this month.
“It’s going to be really hard,” for Country Garden to meet debt obligations due to its tumbling cash levels at a time when property sales in the world’s second-largest economy remained very weak, Chow said. It avoided default by securing creditors’ approval to extend payments for an onshore private bond, a major relief for the embattled Chinese developer as well as the crisis-hit property sector.
Some offshore creditors have started talks with New York-based law firm Kobre & Kim LLP and London-based Ashurst and are looking at forming groups if the developer seeks to restructure debt.China has rolled out support measures to help revive the property sector, which accounts for roughly a quarter of its economy and has been reeling from an unprecedented liquidity crisis since 2021.
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