Some Country Garden Bondholders Demand Full Payment on Yuan Note
- Holders made request after builder proposed note extension
- Bondholders set to vote on proposals in meeting this week
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Some of Country Garden Holdings Co.’s bondholders are demanding full repayment of a local bond due early next month, after the embattled Chinese property developer proposed a three-year extension for the yuan-denominated note.
The bondholders, who collectively hold 10.5% of the 5.65% note’s 3.9 billion yuan ($534 million) principal outstanding, made the request in a proposal outlined in a Country Garden filing to the Shanghai Stock Exchange’s private disclosure platform that was seen by Bloomberg News. The filing, dated Aug. 18, doesn’t reveal other details of the bondholders.