Reported 1 day ago
Country Garden Holdings Co., a major Chinese developer facing a property crisis, has not gained support from a key group of bondholders regarding its debt restructuring plans. This ad hoc group, holding over 30% of the developer's $10.4 billion in notes, has expressed disagreement over terms such as bond conversion prices and payment schedules. The company, once the largest in China by sales, defaulted on dollar debt in 2023, highlighting ongoing challenges in the real estate sector. While discussions continue, restructuring proposals require the backing of at least 75% of creditors to advance.
Source: YAHOO