The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Centre in Shanghai, China, Aug 9, 2023.HONG KONG — Country Garden's entire offshore debt will be deemed to be in default if China's largest private property developer fails to make a US$15 million coupon payment on Tuesday , the end of a 30-day grace period. Non-payment of this tranche is set to trigger cross defaults in other bonds as is standard in bond contracts.
"I think it’s a really high-profile and visceral reminder of just how bad things are for the developers, but the private-sector developers in particular," said Chris Beddor, deputy director of China Research at Gavekal Dragonomics. Gemdale said the resignation was due to health reasons but investors, spooked by the sector's broader problems, were taking no chances and rushed to sell its securities, analysts said.
Last week, printed circuit board maker Kingboard Holdings became one of the first known listed companies to take legal action against Country Garden when a unit, which is owed HK$1.6 billion , issued a statutory demand seeking repayment.
Source: Loan Digest (loandigest.net)
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