Country Garden Delays Bond Extension Deadline at Last Minute
- Voting deadline has been pushed back to Aug. 31 from Aug. 25
- Country Garden’s debt woes have highlighted sector struggles
The Country Garden Holdings Co. headquarters in Foshan, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Distressed Chinese developer Country Garden Holdings Co. is delaying a deadline for holders of a yuan bond to vote on its plan to extend payment, a last minute change as the company seeks to avert its first default.
The country’s former largest builder is pushing the deadline back to Aug. 31 from Aug. 25, according to a filing to the Shanghai Stock Exchange’s private disclosure platform that was seen by Bloomberg News. That comes just hours before the previously scheduled voting deadline of 10 p.m. Beijing time Friday.