Country Garden Pays Yuan Bond Just Weeks After Dollar Default

00:00

00:00/00:00

Listen to this article 1x

Country Garden defaulted on a dollar bond in October after failing to pay $15.4 million of interest during a 30-day grace period. Photo: Bloomberg

(Bloomberg) — Chinese developer Country Garden Holdings Co. Ltd., which defaulted on dollar bonds in October, paid off a yuan note in full Wednesday, the same day that a top housing official said the nation would avoid a cascade of missed debt payments by property firms.

The builder’s onshore unit, Country Garden Real Estate Group Co. Ltd., repaid in full the 800 million yuan ($111 million) security with a put option that expired Wednesday, it said in a filing to the Shenzhen Stock Exchange. Bloomberg News had reported earlier that company representatives told investors it had remitted funds to repay the outstanding principal and interest.