China's Country Garden missed two dollar bond coupon payments
The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong, China March 20, 2018. REUTERS/Bobby Yip/File Photosaid on Tuesday it has not paid two dollar bond coupons due on Aug. 6, confirming market fears that the biggest privately owned developer in China is slipping into repayment troubles.
China's giant property sector has seen a string of debt defaults by cash-squeezed developers since late 2021, with China Evergrande GroupCountry Garden, which had total liabilities of 1.4 trillion yuan as of end-2022, told Reuters in a statement its usable cash had declined due to a deterioration in the sales and refinancing environment, and the impact from various fund regulations.
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