Apr 26, 2024 05:47 PM
FINANCE
Country Garden Bondholders Agree to Extensions After Missed $22 Million Payment
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The logo for Country Garden developer is seen near the Country Garden One World City project under construction on the outskirts of Beijing on Aug. 17, 2023. Photo: VCG
Distressed property giant Country Garden Holdings Co. Ltd. secured a second round of extensions for three bonds after missing payments on two of them, sources with knowledge of the matter told Caixin, a sign that its liquidity trouble has ballooned.
Holders of the three bonds, issued by one of the developer’s subsidiaries, Country Garden Real Estate Group Co. Ltd., approved the extensions in meetings between April 16 and 22, according to the sources.
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