Norobiik @Last week, #CountryGarden revealed that it had missed an #InterestPayment worth around 66 million yuan ($9.1 million) for #OnshoreBonds due May 9. It had already defaulted on its #OffshoreDebt.
Had #CountryGarden failed to pay within a 5 day grace period, then the guarantor— state-owned #ChinaBondInsurance—would have paid instead. #PropertyMarketCrisis
Beijing narrowly escapes having to cover the debts of developer Country Garden
https://fortune.com/asia/2024/05/13/country-garden-makes-interest-payment-avoids-guarantor-paying-debt-china-real-estate-crisis/
