Chinese developer Country Garden has asked for more time to pay back a $535m bond that matures next week.
The developer, which is shouldering almost $200bn of debt, has asked creditors of the renminbi bond for a 40-day grace period.
Once considered among the Chinese developers least likely to default, Country Garden missed interest payments of $22.5m on two $500m international bonds earlier this month.
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
