(London/Shanghai Comprehensive News) Chinese real estate giant Country Garden reports that it is preparing for overseas debt reorganization, or will recently announced the overseas debt restructuring plan.
The Caizhong News Agency released the above news on Monday (October 9), which reported that no more details were announced.
According to Reuters, after paying two US dollars debt tickets before the end of September, Country Garden will face two more than $ 66.8 million (91.42 million S $ 91.42 million on October 16th).) The interest of the US dollar bonds expired, which was linked to the bonds of 6.5%in April 2024 and 7.25%in April 2026, respectively, and the paid period of time was 30 days.
If Country Garden cannot pay $ 15 million in September ticket before October 17, all offshore debt may be regarded as breach of contract.
Country Garden has US $ 10.96 billion offshore bonds and non -RMB loans worth 42.4 billion yuan (S $ 7.95 billion).If the default, these debts will need to be reorganized, and the company or its assets will also face the risk of liquidation by the creditors.
According to incomplete statistics, there were seven overseas bonds in Country Garden in 2023 and 2024, including 3 billion Hong Kong dollars (S $ 524 million), 2.9744 billion baht (S $ 19.66 million) and $ 1.55 billionEssence
In terms of domestic bonds, Country Garden Nine are only seeking domestic bonds. Voting has been passed at the end of September, and the exhibition period has been obtained for three years.
