Chinese developer Country Garden faces fresh offshore payments deadline
© 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 Photo
China's largest private developer has $10.96 billion offshore bonds and 42.4 billion yuan worth of loans not denominated in yuan. If it defaults, these debt will need to be restructured, and the company or its assets also risk liquidation by creditors. More than two years on, the crisis has deepened as confidence in both housing and capital markets dried up, further squeezing developers' liquidity.
The market is closely watching whether Country Garden, which owns projects across the country, can manage to dodge default again by making payments at the last minute.
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