The Business Times

Country Garden has remitted funds to repay yuan bond in full

    • The repayment comes as Country Garden has defaulted on its US$11 billion offshore bonds and is working on a plan to restructure the debt.
    • The repayment comes as Country Garden has defaulted on its US$11 billion offshore bonds and is working on a plan to restructure the debt. PHOTO: REUTERS
    Published Wed, Dec 13, 2023 · 08:14 PM

    EMBATTLED Chinese developer Country Garden Holdings has remitted more than 800 million yuan (S$150 million) to repay onshore bondholders, a company filing to the Shenzhen Stock Exchange late on Tuesday (Dec 12) showed.

    Bondholders of a total of 8 million notes, each with a principal of 100 yuan chose to exercise the put option by Nov 28, while Country Garden has wired funds that fully repaid the principal and interest, the filing showed.

    The repayment comes as Country Garden has defaulted on its US$11 billion offshore bonds and is working on a plan to restructure the debt.

    The company in September won approval from creditors to extend the maturities of eight onshore bonds worth 10.8 billion yuan by three years. REUTERS

    Country GardenChina property

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