Country Garden escaped default
Chinese property developer Country Garden made its two-dollar bond payments on time Tuesday. The company has become the focus of global investor concerns over China’s struggling real estate sector.
Shares of the Hong Kong-listed company fell nearly 3 percent late in the morning after reports that two $500 million international bonds made late coupon payments totaling $22.5 million. .
THE PROBLEMS CONTINUE
The payments mean the cash-strapped developer narrowly escaped a technical default, but traders say it won’t change the narrative of China’s worsening financial difficulties.
Country Garden’s late payments last month raised concerns about the company, once seen as one of the most secure and financially sound developers in China. Despite the recent rise, the company’s shares have fallen more than 60 percent to date.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
