BEIJING, Aug 31 — China’s biggest developer Country Garden on Thursday faces a crunch vote on extending debt repayment terms that could determine whether it defaults, plunging the country’s property market deeper into turmoil.
Bondholders are due to conclude a crunch vote Thursday on whether to extend repayment on a key note worth US$535 million.The vote was originally scheduled to end last Friday, but was delayed at the last minute. The company’s woes appeared to have not affected traders Thursday, with its shares rising 6.8 per cent in Hong Kong.
But a years-long government credit crunch and crippling debts among many developers have hit the sector hard.
Source: Loan Digest (loandigest.net)
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