10-11-2023, 12:39 AM
Quote:For the second time in just over two months, Country Garden has warned investors that it could default on its $190 billion debt in a reminder that China’s real estate crisis is far from over. The company said it had not made a repayment of 470 million Hong Kong dollars ($60 million) due to overseas bondholders by Tuesday. The troubled developer, formerly China’s largest, is battling a liquidity crisis and has dodged multiple defaults in the past month. But persistent weakness in the property market and a difficult refinancing environment have hobbled its ability to raise enough cash to service its billions of dollars of debt. It said sales of apartments fell by 81% in September, compared with the same month last year. Country Garden “expects that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods,” it said in a Tuesday filing to the Hong Kong Stock Exchange. China’s Country Garden warns of default again as property sales plunge