Country Garden Is in Danger of a Default Rivaling Evergrande
- Debt crisis would hurt buyer confidence and housing market: BI
- Builders have increasingly resorted to use of grace periods
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A debt crisis that rivals China Evergrande Group’s default may be brewing in the world’s second-largest economy.
Country Garden Holdings Co., helmed by one of China’s richest women, Yang Huiyan, has left investors in the dark after dollar bondholders said they’ve yet to receive coupon payments effectively due Monday. That puts the firm—which had 1.4 trillion yuan ($199 billion) of total liabilities at the end of last year—on course for its first public default if it doesn’t make the payments within a 30-day grace period.