Oct 19, 2023 06:44 AM

FINANCE

Distressed Country Garden Logs First Bond Default

By Wang Xiaoqing and Han Wei

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Country Garden has managed to reschedule local debt in recent months to avoid default

Country Garden has managed to reschedule local debt in recent months to avoid default

Embattled Country Garden Holdings Co. Ltd. made no payment as a $15.4 million coupon deadline expired, potentially marking the real estate giant’s first-ever default, two sources told Caixin Wednesday.

Country Garden, once China’s largest developer, failed to pay interest on a $500 million dollar bond Sept. 17. A default would be declared if the company couldn’t make the payment within a 30-day grace period.

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