Country Garden Aims to Extend Maturing Bond in First Amid Crisis
- Firm proposed plan to some holders of yuan note due Sept. 2
- Builder bonds, shares slid, dragging down other property firms
Residential buildings developed by Country Garden Holdings Co. in Baoding, Hebei province, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Country Garden Holdings Co. is seeking to extend a maturing bond for the first time ever and halted trading in local notes, as a crisis at what was once China’s biggest developer spreads unease in the nation’s financial markets.
The builder, whose woes threaten even worse impact than defaulted peer China Evergrande Group given it has four times as many projects, is soliciting feedback on a proposal to extend payment of a 3.9 billion yuan ($537 million) note due Sept. 2, people familiar with the matter said. It also suspended trading of 11 onshore notes issued by the company and subsidiaries, according to filings.