{"id":4646,"date":"2023-10-25T21:41:37","date_gmt":"2023-10-25T19:41:37","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=4646"},"modified":"2023-10-25T21:41:37","modified_gmt":"2023-10-25T19:41:37","slug":"country-garden-defaults-for-the-first-time","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=4646","title":{"rendered":"Country Garden defaults for the first time"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"auto\">Chinese property developer Country Garden Holdings Co. has defaulted on dollar bonds for the first time, highlighting its distress.<\/p>\n<p>The builder, among the world\u2019s most indebted developers, didn\u2019t pay $15.4 million of dollar bond interest by the end of a 30-day period after missing the initial deadline of Sept. 17.<\/p>\n<p>And so this failure to pay interest during the grace period that ended last week &#8220;constitutes an event of default,&#8221; according to a notice sent to note holders by trustee Citicorp International Ltd.<\/p>\n<p>The firm has yet to officially default on any onshore bonds. It won noteholder approval in September to extend payments on nine onshore securities with a combined 14.7 billion yuan of principal.<\/p>\n<p>Underscoring the depth of the problems, Country Garden recently said that its September contracted sales tumbled 81% from a year earlier.<\/p><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chinese property developer Country Garden Holdings Co. has defaulted on dollar bonds for the first time, highlighting its distress. The builder, among the world\u2019s most indebted developers, didn\u2019t pay $15.4 million of dollar bond interest by the end of a 30-day period after missing the initial deadline of Sept. 17. And so this failure to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-4646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-issues"],"_links":{"self":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4646"}],"version-history":[{"count":0,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/4646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/media\/4647"}],"wp:attachment":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}