{"id":63103,"date":"2023-09-19T16:38:33","date_gmt":"2023-09-19T20:38:33","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/cash-squeezed-developer-country-garden-faces-another-dollar-coupon-deadline\/"},"modified":"2023-09-19T16:38:36","modified_gmt":"2023-09-19T20:38:36","slug":"cash-squeezed-developer-country-garden-faces-another-dollar-coupon-deadline","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=63103","title":{"rendered":"Cash-squeezed developer Country Garden faces another dollar coupon deadline"},"content":{"rendered":"
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\u00a9 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<\/span>
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By Xie Yu<\/p>\n

HONG KONG (Reuters) – 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.<\/p>\n

The country’s No.1 private developer, whose financial woes have worsened the property sector outlook and prompted Beijing to unveil a raft of support measures, will have a 30-day grace period to pay the coupon before it would be considered in default.<\/p>\n

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.<\/p>\n

“It’s going to be really hard,” for Country Garden to meet debt obligations due to its tumbling cash levels at a time when property sales in the world’s second-largest economy remained very weak, Chow said.<\/p>\n

A Country Garden spokesperson did not immediately respond to Reuters request for comment on Monday about its latest debt repayment obligation.<\/p>\n

Country Garden last month warned of default risks if its financial performance continues to deteriorate. It has 108.7 billion yuan ($14.9 billion) of debt due within 12 months but cash of only around 101 billion yuan as of June.<\/p>\n

It avoided default by winning approval from its creditors to extend payments for an onshore private bond, in a major relief for the embattled Chinese developer as well as the crisis-hit property sector.<\/p>\n

The developer in August missed coupon payments worth $22.5 million tied to two dollar bonds but managed to wire funds before a grace period ended earlier this month, dodging a default.<\/p>\n

Last week, onshore bondholders approved to extend repayments of seven other Country Garden bonds by three years.<\/p>\n

Shares in Country Garden, one of the few large Chinese developers that have not defaulted on debt obligations, were trading up nearly 1% in Hong Kong, while the broader market was down 0.9%.<\/p>\n

Many creditors believe that Country Garden will have to restructure its offshore debt if it doesn’t get liquidity support soon.<\/p>\n

Some offshore creditors of Country Garden have started talks with New York-based law firm Kobre & Kim LLP and London-based Ashurst and are looking at forming groups if the property developer seeks to restructure its debt. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 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 By Xie Yu HONG KONG (Reuters) – Embattled Chinese property developer Country Garden faces yet another liquidity test with Monday’s deadline to pay $15 million in […]<\/p>\n","protected":false},"author":1,"featured_media":6537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-63103","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCash-squeezed developer Country Garden faces another dollar coupon deadline | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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