Country Garden Pays Dollar Bond Interest Within Grace Period
- Grace period was set to end Sept. 5-6 on $22.5 million payment
- China’s property debt crisis has engulfed more developers
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Chinese developer Country Garden Holdings Co. has paid interest on two dollar bonds within grace periods, avoiding its first default and bringing some respite amid a liquidity crisis that’s shaken the nation’s financial markets.
Among the most indebted property firms in the world, Country Garden told some holders of the notes about the payment, the creditors said, asking not to be identified discussing a private matter. The builder — helmed by one of China’s richest women Yang Huiyan — had to pay a combined $22.5 million in interest on the two bonds within a grace period ending Sept. 5-6, after missing an initial effective due date of Aug. 7.