China's largest private property developer, Country Garden , faces a deadline for making interest payments on two U.S. dollar bonds on Tuesday, just days after dodging an onshore debt default with a last-minute payment extension deal.
, faces a deadline for making interest payments on two U.S. dollar bonds on Tuesday, just days after dodging an onshore debt default with a last-minute payment extension deal.coupons on the bonds due on Aug. 6 totalling $22.5 million, exacerbating market fear that the developer was slipping into a worsening liquidity squeeze.The deadline looms just days after Country Garden wonfrom onshore creditors to extend a private bond worth 3.9 billion yuan , bringing relief to markets.
Country Garden had not missed a debt payment obligation until it failed to pay coupons on the two dollar bonds last month after slowing home demand hurt its cash flow. Authorities have taken a series of policy measures in recent weeks to support the sector and revive a stumbling economy after a post-pandemic recovery fell away quickly.
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