All of Chinese property giant Country Garden's offshore debt could be in default if it fails to make $15 million coupon payment on Tuesday.
Country Garden shares tumbled to fresh eight-month lows Monday, extending losses on renewed debt fears for the Chinese property sector.'s offshore debt could potentially be in default if the Chinese property developer fails to make a $15 million coupon payment on Tuesday, which marks the end of a 30-day grace period.last week it may not be able to make all its offshore repayments, including those issued in U.S. dollar notes.in early September after it managed to pay $22.
The founding family of Country Garden reportedly provided the company with an interest-free loan of $300 million,If the Country Garden fails to make the repayment on Tuesday, it would become the latest casualty among many large Chinese real estate developers that have defaulted on their debt.and Country Garden have been hit by debt problems, hurting consumer confidence in the sector.
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