Embattled developer Country Garden faces a new round of voting by creditors to extend several debt maturities on Monday, after having avoided default at the last minute twice this month to bring some respite to the crisis-hit Chinese property sector.
The voting, due to conclude by 10 p.m. Hong Kong time on Monday, will have onshore creditors decide on approving a proposal by Country GardenThe latest voting comes after the country's largest private developer on Sept. 1 won approval from creditors to extend payments by three years for a 3.9 billion yuan onshore private bond.
It faces 108.7 billion yuan worth of debts due within 12 months, while its cash level are around 101.1 billion yuan as of end-June, according to the company's interim financial statement.due this month, including two relatively sizable dollar bond coupons worth $15 million due on Sept. 17, and $40 million on Sept. 27, each with a 30-day grace period.
Country Garden has so far showed "higher willingness to stave off a default" compared to many of its peers, said Nicholas Chen, a Singapore-based analyst at research firm CreditSights.