Country Garden's entire offshore debt to be in default if it misses payment today

Country Garden's entire offshore debt to be in default if it misses payment today

FILE PHOTO: A view of the residential apartments in Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. REUTERS/Edgar Su/File Photo

Country Garden’s entire offshore debt will be deemed to be in default if China’s largest property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period. Non-payment of this tranche is set to trigger cross defaults in other bonds as is standard in bond contracts.