Move over Evergrande. There is a new poster child of China’s protracted real estate crisis — Country Garden.
The homebuilder, once the country’s largest, has defaulted on an international bond for the first time after failing to make payment within a grace period that expired last week, according to separate reports from Bloomberg News and the Financial Times. Country Garden has not responded to requests for comment by phone or email. Citigroup, reportedly the bond’s trustee with authority to enforce its terms, declined comment.
How did it get here? While confidence in China’s real estate sector has been shaky since the collapse of Evergrande, Country Garden reignited fears in August when its liquidity crisis burst into public view. That was when reports emerged that the company had missed interest payments on two US dollar bonds, casting attention on its overall debt problems.
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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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