Country Garden Misses Yuan Bond Payment for First Time
- Builder hasn’t paid coupon for 4.8% yuan bond after extension
- Its slump in home sales has worsened amid winding-up fears
The Phoenix Palace project, developed by Country Garden, in Guangdong province.
Source: Bloomberg
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Country Garden Holdings Co. missed a coupon payment on a yuan bond for the first time, adding to the woes of the Chinese developer that is facing a lawsuit seeking its liquidation offshore.
The builder’s main onshore unit hasn’t fully prepared a 96 million yuan ($13 million) coupon that came due on Tuesday for a 4.8% yuan bond maturing in 2026, the company said in a response to Bloomberg. There is a 30 trading-day grace period for the payment, it added.