Last updated on October 18, 2023
According to a document seen by Reuters, Country Garden Holdings, the largest private property developer in China, is requesting a 40-day extension for the repayment of a 3.9 billion yuan ($535.3 million) private onshore bond that is due on Saturday. This move is likely due to the ongoing challenges posed by the COVID-19 pandemic, which has affected the real estate market and many businesses’ ability to generate revenue.
The request for a grace period suggests that Country Garden is facing financial difficulties and needs more time to repay its debt obligations. This news comes as the Chinese government is implementing measures to stabilize the economy and support businesses that have been severely impacted by the pandemic. It remains to be seen whether the bondholders will agree to the extension or if alternate arrangements will need to be made to address the company’s financial situation.
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