Country Garden Mulls Further Delays to Yuan Bond Payments
- Builder may push back payments due in September by six months
- The delays would give firm more time to work on debt overhaul
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Country Garden Holdings Co. told some investors that it is considering further extending payments on some of its yuan bonds, according to people familiar with the matter, as a prolonged sales slump adds to the Chinese developer’s financial stress.
In an effort to gain more time to map out a debt overhaul, Country Garden’s main onshore unit may push back payments on several yuan bonds due in September by six months, the people said, citing private conversations. That would include 10% of the principal on its 4.38% notes due September 2026, the people added.