Image: STR (AFP)
Country Garden recorded a credit incident on October 18, the Asia Credit Derivatives Determinations Committee (CDDC) said on its website on Thursday.
The original deadline for the repayment of around 15 million dollars (14.2 million euros) in bond interest had already expired in mid-September, and the grace period also expired. “If they don’t pay within the deadline, there is a default,” said Cedric Rimaud, analyst at independent analysis firm GimmeCredit. Country Garden’s foreign debt totals $17 billion in bonds and loans. Now there is a risk of one of the largest debt restructurings in Chinese economic history.
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