Business / Finance

Country Garden faces second debt challenge in days as offshore payment comes due

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2023-09-05 01:12:52  • 2 mins

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HONG KONG : China's largest private property developer, Country Garden, faces a deadline for making interest payments on two U.S. dollar bonds on Tuesday, just days after dodging an onshore debt default with a last-minute payment extension deal.

Country Garden last month said it had not paid coupons on the bonds due on Aug. 6 totalling $22.5 million, exacerbating market fear that the developer was slipping into a worsening liquidity squeeze.

Both payments had 30-day grace periods, ending on Tuesday.

The deadline looms just days after Country Garden won approval from onshore creditors to extend a private bond worth 3.9 billion yuan ($536 million), bringing relief to markets.

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