China's Country Garden warns it could fail to pay offshore debt obligations
© Reuters. FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo
The group is currently facing"significant" uncertainty regarding disposing of its assets and its cash position remains under pressure, added the developer, which has $10.96 billion of offshore bonds and 42.4 billion yuan worth of loans not denominated in yuan. Morningstar analyst Jeff Zhang said mandating advisers showed"whether the company will default hinges on the outcome of overseas debt restructuring and the next two weeks will be crucial."
Country Garden has not disclosed whether the coupon payment was made. It did not make a principal payment of HK$470 million on certain debts, it said in the filing, without providing further details. The developer's shares rose 3% in early trading on Tuesday, having lost nearly 70% of their value since the start of the year.
Country Garden said it would make"its best effort to ensure the delivery of properties, which is the group's most critical corporate responsibility and is the key pillar to safeguard the property market."
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