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/

Back toot: https://noc.social/@Norobiik/112332607219791863

#HONGKONG -A Hong Kong court gave China #EvergrandeGroup a five week reprieve to come up with a deal with creditors or face #liquidation after the embattled developer said on Monday it was working on a revised debt restructuring plan. It has more than $300 billion of liabilities having defaulted on its #OffshoreDebt in late 2021. #PropertyMarketCrisis

#China #Evergrande winding up hearing adjourned | Inquirer Business
https://business.inquirer.net/429344/china-evergrande-winding-up-hearing-adjourned-as-it-seeks-new-debt-deal

Back toot: https://noc.social/@Norobiik/111137004902184280

"A string of Chinese #PropertyDevelopers have defaulted on their #OffshoreDebt obligations since #Evergrande ran into trouble, leaving unfinished homes and unpaid suppliers, shattering consumer confidence in the world's second-largest economy." #RealEstateCrisis #EvergrandeGroup

Evergrande Seeks US Court Nod for $32 Billion Debt Overhaul as #China Economic Fears Mount
https://www.usnews.com/news/world/articles/2023-08-17/china-evergrande-files-for-protection-in-us-court-as-part-of-32-billion-debt-overhaul

Back toot:
https://noc.social/@Norobiik/110908670994375523