Country Garden Has Just Days to Avoid Default on Dollar Bonds
- Grace period ends Sept. 5-6 on $22.5 million of interest
- Yuan bond extension, ringgit coupon payment bought some time
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The clock is ticking on Chinese developer Country Garden Holdings Co. to avoid what would be its first default.
The builder that has about $187 billion of total liabilities — making it among the most indebted property firms in the world — must pay a combined $22.5 million in dollar note interest within a grace period that ends Sept. 5-6. That’s the next major test after it honored some coupon payments in recent days and secured an extension on some yuan obligations.