Country Garden to Miss Deadline on Guaranteed Bonds in First [BNN Bloomberg (Canada)]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
NASDAQ:AMEX Investor Relations:
en.bgy.com.cn
Company Research
Source: BNN Bloomberg
The company's onshore unit cannot make the coupon payments on its 3.95% note and its 3.8% bond by an initial deadline of May 9, according to filings. Both securities are guaranteed by China Bond Insurance Co., a state-owned firm at the heart of a program introduced by authorities in 2022 to help private-sector developers avoid liquidity crunches. Country Garden said it will make every effort to fully repay the interest—which totals just 65.95 million yuan ($9.1 million)—within three working days. If payments aren't made within that period, then China Bond Insurance would “fulfill its credit-enhancement responsibilities,” the statements said, without elaborating. The development raises broader questions of whether other distressed developers struggling amid China's unprecedented property crisis will also go on to miss payments, forcing the guarantor to wade in more ahead. So far at least 33 bonds have been issued under the program, with 33.7 billion yuan raised in total, according
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