Chinese Real Estate Goliath, Country Garden, Teetering On Brink Of Default

October 10, 2023 / no comments

Country Garden, the largest private property developer in China, said it may not be able to meet interest payments on overseas debt obligations, which could lead to a default. 
Country Garden has about 3,000 housing projects across China and has about $187B of debt, including about $17B in dollar-denominated debt, Bloomberg reported.
While it hasn’t defaulted yet, it missed interest payments of about $55M and $60M on overseas debt in September, and has until 18 October and 27 October respectively to remedy that. 
If not it will go into default, and it has hired Houlihan Lokey, China International Capital Corporation and law firm Sidley…