By Xie Yu and Carolina Mandl HONG KONG/NEW YORK (Reuters) - Country Garden's deal with creditors for an extension on onshore debt payments worth 3.9 ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSHONG KONG/NEW YORK - Country Garden's deal with creditors for an extension on onshore debt payments worth 3.9 billion yuan has brought the developer and China's crisis-ridden property sector some much-needed respite.
The financial woes of China's top private developer have only further highlighted the fragile state of the country's real estate industry which accounts for roughly a quarter of the economy and has been in dire debt straits since 2021. Since then, Chinese authorities have rolled out a number of measures, the most significant being the lowering of existing mortgage rates and preferential loans for first-home purchases in big cities.
It also has another immediate, albeit much smaller, debt payment challenge - the ending of a grace period on Tuesday for last month's missed coupon payments worth a total of $22.5 million on two offshore dollar bonds.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Country Garden wins bond extension in relief for China's property sectorBy Xie Yu, Kevin Huang and Li Gu HONG KONG/BEJING (Reuters) -Country Garden has won approval from its creditors to extend payments for an onshore private ...
Read more »
Country Garden Gets Approval to Extend Yuan Bond RepaymentChinese developer Country Garden Holdings Co. won approval from creditors to extend a maturing yuan bond, helping avoid a first-time default and bringing some respite amid a liquidity crisis that’s shaken the nation’s financial markets.
Read more »
Winnipeg’s Rainbow Community Garden grows connections and weeds out food inflationThe Rainbow Community Garden on the University of Manitoba campus uses food as a universal language to link people from all over the world in a time of crisis and uncertainty.
Read more »
Pope starts Mongolia visit by praising the country's religious freedom dating back to Genghis KhanULAANBAATAR, Mongolia (AP) — Pope Francis on Saturday praised Mongolia’s tradition of religious freedom dating to the times of its founder, Genghis Khan, as he opened the first-ever papal visit to the Asian nation with a word of encouragement to its
Read more »
Pope starts Mongolia visit by praising the country's religious freedom dating back to Genghis KhanULAANBAATAR, Mongolia (AP) — Pope Francis on Saturday praised Mongolia’s tradition of religious freedom dating to the times of its founder, Genghis Khan, as he opened the first-ever papal visit to the Asian nation with a word of encouragement to its
Read more »
Pope starts Mongolia visit by praising the country's religious freedom dating back to Genghis KhanULAANBAATAR, Mongolia (AP) — Pope Francis on Saturday praised Mongolia’s tradition of religious freedom dating to the times of its founder, Genghis Khan, as he opened the first-ever papal visit to the Asian nation with a word of encouragement to its
Read more »