Country Garden Yet to Get Key Bondholders’ Support for Debt Plan
- The builder said Thursday it had understanding with key banks
- But bondholder talks slowed down recently, people said
This article is for subscribers only.
A key bondholder group of Country Garden Holdings Co., one of China’s most closely watched developers ensnared in the broader property crisis, isn’t on board with restructuring terms unveiled Thursday, people familiar with the matter said.
The new proposals by Country Garden aren’t supported by the so-called ad hoc group, which holds more than 30% of the developer’s outstanding $10.4 billion of notes, according to the people.