Chinese developer Country Garden Holdings has been deemed in default on a US dollar bond for the first time, Bloomberg News reported on Wednesday (Oct 25), citing a notice.
Country Garden's failure to pay interest on the note within a grace period that ended last week"constitutes an event of default," Bloomberg reported citing the notice to holders from a trustee., fueling expectations that China's biggest private property developer has defaulted on its offshore debt as the nation's real estate woes deepen.
Non-payment would trigger cross defaults in other Country Garden bonds as is standard in bond contracts. The company has almost US$11 billion of offshore bonds and a default would set the stage for one of China's biggest corporate debt restructurings. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.
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