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Chinese developer Country Garden Holdings defaults on U.S. dollar bond

Chinese developer Country Garden Holdings defaults on U.S. dollar bond

Posted on October 30, 2023   |  

Chinese developer Country Garden Holdings (2007. HK) has encountered its inaugural default on a U.S. dollar bond.

This default occurred as a result of Country Garden's failure to meet the required interest payment within the grace period, which concluded last week.

A trustee's notice to bondholders clarified that the missed interest payment is officially classified as an "event of default."