, Columnist
Country Garden’s Woes: the Good, the Bad and the Very Ugly
What a restructuring for the giant Chinese real estate developer would look like.
End of the road.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Country Garden Holdings Co., once China’s biggest real estate developer, is edging toward a default. The distressed builder suspended trading in nearly a dozen onshore bonds Monday, paving the way for debt negotiations and a possible restructuring. Investment bank CICC International Capital Corp. has been engaged to explore options for the company, including extending some soon-to-mature yuan notes.
With about $10 billion dollar bonds outstanding, foreign investors, of course, want to know what this will mean for their holdings, such as the recovery rate and timing of a debt workout.