{"id":6833,"date":"2023-09-05T08:24:38","date_gmt":"2023-09-05T08:24:38","guid":{"rendered":"https:\/\/prosfunds.com\/business\/chinas-country-garden-dodges-default-for-second-time-in-four-days-state-media-report\/"},"modified":"2023-09-05T08:24:38","modified_gmt":"2023-09-05T08:24:38","slug":"chinas-country-garden-dodges-default-for-second-time-in-four-days-state-media-report","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=6833","title":{"rendered":"China\u2019s Country Garden dodges default for second time in four days, state media report"},"content":{"rendered":"
\n

\n Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace period, avoiding an imminent debt default, according to multiple state media reports.\n <\/p>\n

\n The China Securities Journal reported on Tuesday that the company had paid the overdue interest of $22.5 million on the bonds, citing people close to the company.\n <\/p>\n

\n That means the property giant has been able to avoid defaulting on two of its dollar bonds this week, fueling optimism among some investors that the debt-laden company may be able to find enough cash to see it through the country\u2019s real estate crisis.\n <\/p>\n

\n Country Garden, which was China\u2019s largest residential developer by sales last year, hasn\u2019t responded to a CNN request for comment.\n <\/p>\n

\n The two bonds, which were sold to overseas investors, matured on August 6 and the property giant had another 30 days to pay the coupons before it could be declared a defaulter.\n <\/p>\n

\n Shares in Country Garden, which dropped as much as 5% on Tuesday, pared losses following the publication of the media reports. It last traded flat in Hong Kong. The stock has lost 62% this year.\n <\/p>\n

\n Making the crucial payments doesn\u2019t mean the company is out of the woods yet. It posted a loss of $7 billion in the first six months of the year and still faces a number of other debt deadlines.\n <\/p>\n

\n The company has nearly $200 billion in total liabilities and faces mounting pressure to pay off those debts. It has about 31 billion yuan ($4.3 billion) in bonds set to mature through the end of 2024, according to Moody\u2019s.\n <\/p>\n

\n Country Garden is currently seeking approval from its creditors to delay payment on eight onshore bonds <\/strong>denominated in yuan, state-owned Yicai reported Tuesday, citing a document from the company.\n <\/p>\n

\n The eight bonds have a total outstanding balance of 10.8 billion yuan ($1.5 billion) and are set to mature later this year, the report said.\n <\/p>\n

\n Country Garden is expected to hold a meeting on Thursday with bondholders to vote on whether to delay payment on one of the eight bonds, the media outlet added.\n <\/p>\n

\n The company made the proposal just days after after it secured creditors\u2019 approval to delay payment on another maturing onshore bond.\n <\/p>\n

\n Last week, the firm admitted it could default if financial conditions continue to deteriorate.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace period, avoiding an imminent debt default, according to multiple state media reports. The China Securities Journal reported on Tuesday that the company had paid the overdue interest of $22.5 million […]<\/p>\n","protected":false},"author":1,"featured_media":6834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-6833","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nChina\u2019s Country Garden dodges default for second time in four days, state media report | Prosfunds<\/title>\n<meta name=\"description\" content=\"Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=6833\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s Country Garden dodges default for second time in four days, state media report | Prosfunds\" \/>\n<meta property=\"og:description\" content=\"Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace\" \/>\n<meta property=\"og:url\" content=\"https:\/\/prosfunds.com\/?p=6833\" \/>\n<meta property=\"og:site_name\" content=\"Prosfunds\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-05T08:24:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/09\/230905135025-country-garden-beijing-0811.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/prosfunds.com\/?p=6833#article\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/?p=6833\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\"},\"headline\":\"China\u2019s Country Garden dodges default for second time in four days, state media report\",\"datePublished\":\"2023-09-05T08:24:38+00:00\",\"dateModified\":\"2023-09-05T08:24:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/prosfunds.com\/?p=6833\"},\"wordCount\":403,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/prosfunds.com\/?p=6833#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/prosfunds.com\/?p=6833\",\"url\":\"https:\/\/prosfunds.com\/?p=6833\",\"name\":\"China\u2019s Country Garden dodges default for second time in four days, state media report | Prosfunds\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/#website\"},\"datePublished\":\"2023-09-05T08:24:38+00:00\",\"dateModified\":\"2023-09-05T08:24:38+00:00\",\"description\":\"Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace\",\"breadcrumb\":{\"@id\":\"https:\/\/prosfunds.com\/?p=6833#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/prosfunds.com\/?p=6833\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/prosfunds.com\/?p=6833#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/prosfunds.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"China\u2019s Country Garden dodges default for second time in four days, state media report\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/prosfunds.com\/#website\",\"url\":\"https:\/\/prosfunds.com\/\",\"name\":\"Funding Factories\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/prosfunds.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/prosfunds.com\/#organization\",\"name\":\"Funding Factories\",\"url\":\"https:\/\/prosfunds.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"width\":780,\"height\":140,\"caption\":\"Funding Factories\"},\"image\":{\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/prosfunds.com\"],\"url\":\"https:\/\/prosfunds.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"China\u2019s Country Garden dodges default for second time in four days, state media report | Prosfunds","description":"Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/prosfunds.com\/?p=6833","og_locale":"en_US","og_type":"article","og_title":"China\u2019s Country Garden dodges default for second time in four days, state media report | Prosfunds","og_description":"Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace","og_url":"https:\/\/prosfunds.com\/?p=6833","og_site_name":"Prosfunds","article_published_time":"2023-09-05T08:24:38+00:00","og_image":[{"width":800,"height":450,"url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/09\/230905135025-country-garden-beijing-0811.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/prosfunds.com\/?p=6833#article","isPartOf":{"@id":"https:\/\/prosfunds.com\/?p=6833"},"author":{"name":"News Room","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6"},"headline":"China\u2019s Country Garden dodges default for second time in four days, state media report","datePublished":"2023-09-05T08:24:38+00:00","dateModified":"2023-09-05T08:24:38+00:00","mainEntityOfPage":{"@id":"https:\/\/prosfunds.com\/?p=6833"},"wordCount":403,"commentCount":0,"publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/prosfunds.com\/?p=6833#respond"]}]},{"@type":"WebPage","@id":"https:\/\/prosfunds.com\/?p=6833","url":"https:\/\/prosfunds.com\/?p=6833","name":"China\u2019s Country Garden dodges default for second time in four days, state media report | Prosfunds","isPartOf":{"@id":"https:\/\/prosfunds.com\/#website"},"datePublished":"2023-09-05T08:24:38+00:00","dateModified":"2023-09-05T08:24:38+00:00","description":"Country Garden, the embattled Chinese real estate firm, made late interest payments on two US dollar bonds shortly before the end of a 30-day grace","breadcrumb":{"@id":"https:\/\/prosfunds.com\/?p=6833#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/prosfunds.com\/?p=6833"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/prosfunds.com\/?p=6833#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/prosfunds.com\/"},{"@type":"ListItem","position":2,"name":"China\u2019s Country Garden dodges default for second time in four days, state media report"}]},{"@type":"WebSite","@id":"https:\/\/prosfunds.com\/#website","url":"https:\/\/prosfunds.com\/","name":"Funding Factories","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/prosfunds.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/prosfunds.com\/#organization","name":"Funding Factories","url":"https:\/\/prosfunds.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","width":780,"height":140,"caption":"Funding Factories"},"image":{"@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","caption":"News Room"},"sameAs":["https:\/\/prosfunds.com"],"url":"https:\/\/prosfunds.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/6833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6833"}],"version-history":[{"count":1,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/6833\/revisions"}],"predecessor-version":[{"id":6835,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/6833\/revisions\/6835"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/media\/6834"}],"wp:attachment":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}