China’s Property Ills Worsen as Former Biggest Builder Wobbles
- Holders of two Country Garden bonds say coupons not received
- Firm’s struggles may hamper efforts to revive property sector
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Chinese developer Country Garden Holdings Co.’s stock and bonds plunged as noteholders said they haven’t received coupon payments effectively due Monday, further darkening sentiment in the crisis-stricken property sector.
Some holders of two different notes said they didn’t receive coupon payments as of Tuesday afternoon. The investors asked not to be named as they’re not authorized to speak publicly. The company owed $10.5 million of interest on a dollar bond that matures in 2026 and $12 million on a note due 2030, according to data compiled by Bloomberg.