Company has not officially declared a default, leaving investors uncertain and weighing on bonds
Troubled Chinese property developer Country Garden Holdings Co. 2007, -2.82% has been declared in default on a dollar bond, missing a $15.4 million interest payment that was due following the expiration of a grace period, Bloomberg and other media outlets reported Wednesday.
However, GimmeCredit said the company has not yet officially declared a default, leaving investors in a state of uncertainty. Country Garden had 3,121 projects in Mainland China as of the end of 2022, financed by $50 billion in debt. That includes $10 billion in offshore bonds that are denominated in dollars, $2 billion in Chinese yuan, and 880 million in Hong Kong dollars.
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China’s Country Garden determined to have defaulted on dollar bond: reportBarbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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