Analysis-Default dodged, but Country Garden's upcoming debt payments stir worries
© Reuters. FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File PhotoHONG KONG/NEW YORK - Creditors of Country Garden Holdings are doubtful the Chinese developer will be in a position to service debt that will come due later this year without liquidity support, after it averted a catastrophic default this week at the last minute.
The company paid $22.5 million in dollar bond coupons on Tuesday hours ahead of a grace period deadline, pulling back from the brink of default for the second time in four days and bringing relief to the property sector. Country Garden has at least five coupon payments due this month, including two relatively sizable dollar bond coupons worth $15 million due on Sept. 17, and $40 million on Sept. 27, each with a 30-day grace period.
Those measures included lowering existing mortgage rates and preferential loans for first-home purchases in big cities, but analysts say more was needed to stabilise the sector, restore consumer confidence and sow the seeds for an eventual recovery.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
China's Country Garden dodges default for second time in four days, state media reportCountry Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace period, avoiding an imminent debt default, according to multiple state media reports.
Consulte Mais informação »
China’s Country Garden Makes Overdue Dollar-Bond Payments, Avoiding DefaultThe property giant paid $22.5 million in coupons to international bondholders just before the end of a 30-day grace period.
Consulte Mais informação »
Evergrande soars over 70% leading Chinese property stocks higher after Country Garden avoids defaultThe real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks.
Consulte Mais informação »
Evergrande soars 65% leading Chinese property stocks higher after Country Garden avoids defaultThe real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks.
Consulte Mais informação »
Evergrande soars 70% leading Chinese property stocks higher after Country Garden avoids defaultThe real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks.
Consulte Mais informação »
iPhone and iPad apps will be available in the Vision Pro App Store by defaultThe visionOS App Store is coming to developers this fall.
Consulte Mais informação »