China’s Country Garden Enters Final Hours to Avoid First Bond Default

(Bloomberg) — The clock is ticking for Country Garden Holdings Co. Ltd. to avert its first-ever public dollar bond default, as the distressed Chinese developer faces an interest-payment deadline this week.

The builder, which has become a symbol of China’s broader property debt crisis, must pay a $15.4 million coupon by the end of a 30-day grace period Oct. 17-18 or a default can be called. Country Garden hasn’t clarified which day marks the official end of the grace period, amid uncertainty given the initial missed deadline of Sept. 17 fell on a Sunday, making the effective deadline Sept. 18.