Country Garden’s Plan to Extend Bond Repayment Meets With Resistance

Country Garden Holdings Co. Ltd.’s plan to extend an onshore bond by three years has one major hurdle to overcome: securing enough approval from bondholders, some of whom are demanding that the embattled developer pay the principal and interest in full by Sept. 2.

Holders of 16 Bi Yuan 05, a non-public bond Country Garden issued in 2016, will meet from Wednesday to Friday to vote on the company’s repayment plan, sources with knowledge of the matter told Caixin, citing a notice the developer sent to bondholders Friday.