Country Garden seeks to extend some onshore bonds again as slump in home sales worsens cash crunch
- Chinese developer earlier missed a March 12 deadline to pay a 96 million yuan (US$13 million) bond coupon
- It is seeking to extend the maturity of bonds maturing in March 2026, June 2026 and December 2026, people familiar said
Country Garden is pushing back some onshore bond payments to later dates despite a round of extensions last year, according to people familiar with the matter, underscoring the financial stress at the Chinese property developer.
The builder’s main onshore unit plans to extend coupon and principal instalment payments for a yuan bond maturing in March 2026 to September, said the people, after missing a 96 million yuan (US$13 million) coupon payment on March 12, before a 30-day grace period kicked in.
The firm also seeks to extend coupon and principal instalment payments for a yuan bond maturing in June 2026 to September, the people added, asking not to be identified because the matter is private. It plans the same for a yuan bond maturing in December 2026, they added.
Country Garden didn’t immediately comment when contacted on Tuesday.
Based in Foshan in southern Guangdong province, the former No. 1 home builder has become one of the biggest casualties of the nation’s real estate crisis that has seen the demise of the likes of China Evergrande Group, rattled financial markets and hurt the economy.
