Embattled Chinese property developer Country Garden faces yet another liquidity test with Monday's deadline to pay $15 million in interest linked to an offshore bond after having dodged default at the last minute twice earlier this month.
faces yet another liquidity test with Monday's deadline to pay $15 million in interest linked to an offshore bond after having dodged default at the last minute twice earlier this month.
If Country Garden fails to pay the $15 million before the grace period ends in mid-October, the principal will become due immediately and any failure to service will trigger cross-default terms, said Sandra Chow, co-head of Asia-Pacific research at CreditSights. A Country Garden spokesperson did not immediately respond to Reuters request for comment on Monday about its latest debt repayment obligation.
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