Country Garden's Offshore Payments Deadline Looms
Chinese property developer Country Garden is facing another deadline with two coupons totaling $66.8 million coming due, following its recent missed interest payments. If the company fails to pay a $15 million September coupon by October 17, its entire offshore debt could be deemed in default. With $10.96 billion in offshore bonds and 42.4 billion yuan worth of loans, Country Garden's potential default could lead to debt restructuring and liquidation by creditors. China's property sector has been hit by a debt crisis, with many developers defaulting on debt obligations, leaving unfinished projects. Despite government support measures, analysts suggest that more action is needed to revive the sector.