2023-10-26 15:59:01
According to an international credit committee, the stumbling Chinese real estate group Country Garden, which is groaning under billions in debt, has defaulted on payments. Country Garden recorded a credit incident on October 18, the Asia Credit Derivatives Determinations Committee (CDDC) said on its website on Thursday.
The original deadline for repaying around $15 million in bond interest had already expired in mid-September, and the grace period also expired.
Foreign debt of $17 billion
“If they don’t pay within the deadline, there is a default,” said Cedric Rimaud, analyst at independent analysis firm GimmeCredit.
Country Garden’s foreign debt totals $17 billion in bonds and loans. Now there is a risk of one of the largest debt restructurings in Chinese economic history.
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