Country Garden Successfully Avoids Default on Yuan Bond, Reports Suggest
Chinese property developer Country Garden is reportedly set to avoid a default on its yuan-denominated bonds as most holders of a local note have agreed not to demand repayment before maturity next year. The company, once the largest non-state-owned developer in China, has been facing financing troubles and recently defaulted on a U.S. dollar bond. China's real estate sector, which accounts for about 33% of its economy, is grappling with serious debt problems as the government aims to deleverage the sector.