Chinese developer Country Garden faces crunch vote on debt repayment

📆 8/31/2023 7:04 AM
📰 brieflyza

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China's biggest developer Country Garden on Thursday faces a crunch vote on extending debt repayment terms that could determine whether it defaults, plunging the country's property market deeper into turmoil. Bondholders are due to conclude a crunch vote Thursday on whether to extend repayment on a key note worth $535 million.

A default by Country Garden would be the biggest since its rival China Evergrande's in 2021. Photo: Pedro PARDO / AFPHave you recorded a funny video or filmed the moment of fame, cool dance, or something bizarre?China's biggest developer Country Garden on Thursday faces a crunch vote on extending debt repayment terms that could determine whether it defaults, plunging the country's property market deeper into turmoil.

Bondholders are due to conclude a crunch vote Thursday on whether to extend repayment on a key note worth $535 million. The company's woes appeared to have not affected traders Thursday, with its shares rising 6.8 percent in Hong Kong.

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China developer Country Garden reports $6.7 bn half-year lossesChina's debt-hit real estate giant Country Garden reported half-year losses of 48.9 billion yuan ($6.7 billion) in a stock exchange filing Wednesday, as it flirts with a potentially catastrophic default.
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