China Real Estate Giant Country Garden warns that the company will not be able to fulfill the payment obligations of all overseas debt payments as scheduled as scheduled or within the relevant width period.
According to the Wall Street Journal, Country Garden said on Tuesday (October 10) that the non -payment items may cause relevant creditors to request the obligations of relevant debt to accelerate the performance.
Country Garden said: "The Group is facing the major uncertainty of asset disposal and sale. It is expected that the Group's liquidity will continue to be tense in the short period of medium term."
PreviousNews on Monday (October 9) reported that Country Garden is preparing for overseas debt reorganization, or it will announce the overseas debt restructuring plan recently.The report did not announce more details.
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 US dollars (October 16) next Monday (October 16).The interest on the US dollar bonds of the US dollar bonds expired, respectively, linked to bonds at 6.5%in April 2024 and 7.25%in April 2026, and the paid width period was 30 days.
If Country Garden cannot pay a September September interest vote of $ 15 million before October 17, all offshore debt may be regarded as breach of contract.
Country Garden has a offshore bond of US $ 10.96 billion 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.
