HONG KONG – Distressed Chinese builder Country Garden Holdings signalled it is set for a first-ever default as a grace period ends for a US dollar bond interest, in the latest sign of a deepening property crisis.
The comments from the country’s former top developer come after a holder of the note, on which the interest is owed, said they had yet to receive money as at 9am Hong Kong time. Country Garden’s US$187 billion of total liabilities make it one of the world’s most indebted builders. Scores of other Chinese property developers have defaulted, reeling from liquidity problems since 2021 when the government introduced measures to rein in the sector’s very high debt levels.
Shares in Country Garden have lost some 70 per cent of their value in 2023, but gained some ground on Wednesday, rising 2.7 per cent.“We are ready to walk away with some losses, but just hope the restructuring process could be efficient and less painful when compared with other companies like Evergrande,” said a US asset manager holding Country Garden’s dollar bonds, who declined to be identified.
Source: Loan Digest (loandigest.net)
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