(Bloomberg) -- Chinese developer Country Garden Holdings Co. said it cannot make an interest payment on a local bond guaranteed by a state-backed program...
-- Chinese developer Country Garden Holdings Co. said it cannot make an interest payment on a local bond guaranteed by a state-backed program, marking the first time that an initial deadline on such developer debt has been missed.Trump Judge Indefinitely Postpones Documents Case Trial
The distressed builder’s onshore unit cannot make the coupon payment on the 3.95% state-guaranteed bond by an initial deadline of May 9, according to a filing. The company will make every effort to fully repay the interest within three working days.The guarantor will fulfill its responsibility if payment is not made within that period, it said.
The note is guaranteed by China Bond Insurance Co., a state-owned credit-support provider at the heart of a program introduced by authorities in August 2022 to help private developers avoid liquidity crunches. The company has a total of 65.95 million yuan for two interest payments due Thursday. The bonds carry a five-day grace period for payment to be made before a default could be called.
Interest Payment Initial Deadline
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