Chinese developer Country Garden has missed a final debt deadline, putting it at risk of default.
The company, which has about $200bn in liabilities and nearly $11bn in dollar-denominated offshore bonds, was due to make a $15.4m coupon repayment this week, but failed to do so.
The developer said last week that it was unlikely to “meet all of its offshore payment obligations when due or within the relevant grace periods”.
Start your free trial today
Your trusted daily source of commercial real estate news and analysis. Register now for unlimited digital access throughout April.
Including:
Mitsubishi Estates and Co-Re appoint Savills to help lease the development’s office space
Decision deferred on former National Institute of Agricultural Botany revamp
Developer has taken 10 storeys off proposals since first filing
Colliers appointed to lease 50,000 sq ft of office space in the Salford Quays development
