HONG KONG: Embattled developer Country Garden faces a new round of voting by creditors to extend several debt maturities on Monday (Sep 11), having avoided default at the last minute twice already this month to bring some respite to the crisis-hit Chinese property sector. The voting, due to conclude by 10p
HONG KONG: Embattled developer Country Garden faces a new round of voting by creditors to extend several debt maturities on Monday , having avoided default at the last minute twice already this month to bring some respite to the crisis-hit Chinese property sector.
That voting was delayed by two times before Country Garden's proposal won support from 56.08 per cent of participating creditors. It also managed to avoid default in the offshore market, with a last-minute bond coupon payment last week. In the offshore market, Country Garden has at least five coupon payments due this month, including two relatively sizable dollar bond coupons worth US$15 million due on Sep 17, and US$40 million on Sep 27, each with a 30-day grace period.
Chinese authorities have rolled out a raft of support measures over the last few weeks for the heavily indebted property sector, including lowering existing mortgage rates and preferential loans for first-home purchases in big cities.
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