Chinese developer Country Garden has only hours to meet US$22.5mn payments

  • Tuesday, 05/09/2023 | 08:03 GMT+5.5

Country Garden Holdings, a Chinese developer, failed to make coupon payments in early August. The grace period for the initial missed payment concluded today, September 5, with the second grace period ending tomorrow, September 6.

  • builder has about U$187 billion of total liabilities
  • The company is facing a total of $22.5 million in interest payments for its dollar-denominated notes, which are due during the grace period spanning from September 5 to September 6.
  • If the dollar interest remains unpaid during the grace period, creditors would have the option to declare a default.

Yuan and China stocks are lower today.

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