Country Garden makes dollar debt payments in relief for China … – Reuters

HONG KONG/BEIJING, Sept 5 (Reuters) – Country Garden made interest payments on U.S. dollar bonds hours ahead of a grace period deadline, a person close to the firm said, pulling from the brink of default for the second time in four days and bringing relief to a crisis-hit property sector.

China’s largest private property developer (2007.HK) failed to pay coupons on the bonds totalling $22.5 million due on Aug. 6, exacerbating fear of its cash situation and keeping markets on tenterhooks throughout the bonds’ 30-day grace periods.

Though the amount was relatively modest, failure to pay would have undermined fragile hope in financial markets that China’s steady drip feed of policy stimulus was starting to stabilise the economy and its str…

Read the full article at: https://www.reuters.com/world/china/country-garden-faces-second-debt-challenge-days-offshore-payment-comes-due-2023-09-05/