Latest on China Property Crisis: Debt Woes Deepen at Country Garden -- WSJ

Dow Jones03-13

By Rebecca Feng

Country Garden missed a local bond paymentthe latest difficulty for a giant once seen as among China's strongest property developers, but which has been pushed to the brink by the country's real-estate slump .

On Tuesday, the company failed to pay interest equivalent to about $13.4 million for a yuan-denominated bond maturing in 2026, it said in a statement sent to The Wall Street Journal.

It was the first time Country Garden missed an interest payment on an onshore bond, but the company has already failed to pay overseas creditors . It defaulted on a dollar bond in October and is fighting a liquidation petition in Hong Kong related to a roughly $200 million loan.

Chinas property-market slump has hurt the worlds second-largest economy, and sent stock and bond prices in the sector reeling. Earlier this year, a Hong Kong court ordered the liquidation of Evergrande , an industry heavyweight.

Country Garden said that the missed payment was due to disappointing sales recovery and pressure on its funding. It added that it will make its best efforts to raise the money during a 30-day grace period.

NOTE: In-line links reference additional content of interest chosen by the WSJ news team. This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

March 13, 2024 06:07 ET (10:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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