Wed, 6 Dec 2023



Country Garden wins approval to extend key bond: Bloomberg
Published on: Wednesday, September 20, 2023
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A residential complex built by Chinese property developer Country Garden in Nanjing, China’s eastern Jiangsu province. (STR)
BEIJING: Chinese property giant Country Garden has won approval to extend repayments on a key local bond, a report said Tuesday, as the deeply indebted developer battles to avoid a potentially catastrophic default.

Two bondholders told Bloomberg News they had been briefed by an underwriter that the proposal to extend the 492 million yuan ($67 million) note had been passed.

The sources requested anonymity in order to discuss a private matter, according to Bloomberg.

A vote on the proposal had been extended three times, with the latest deadline falling at 10 pm (1400 GMT) on Monday.

The approval means Country Garden has secured extensions this month on nine bonds with a combined principal of 14.7 billion yuan, the report said.

The Hong Kong-listed firm is one of China’s biggest developers and its cashflow crisis has fanned fears that it could collapse with grave repercussions for the world’s number two economy.

China has long struggled with widespread debts in its construction and property sectors, which account for around a quarter of gross domestic product.

Low overseas demand, flagging domestic consumption and record-high youth unemployment are also weighing on China’s post-pandemic recovery.

Moody’s this month downgraded Country Garden’s credit rating to indicate that its obligations are “highly speculative” and at high risk of default.

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