China: Country Garden dodges default for second time in four days, state media report

Source: CNN Business

“Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace period, avoiding an imminent debt default, according to multiple state media reports. The China Securities Journal reported on Tuesday that the company had paid the overdue interest of $22.5 million on the bonds, citing people close to the company. That means the property giant has been able to avoid defaulting on two of its dollar bonds this week, fueling optimism among some investors that the debt-laden company may be able to find enough cash to see it through the country’s real estate crisis.” (09/05/23)