Country Garden has missed its final deadline for the coupon payment on a dollar bond, according to three creditors, making what was once China’s biggest developer by sales the latest casualty of the country’s property sector crisis.Bondholders told the Financial Times that they had not received an interest payment due at midnight US Eastern time on Tuesday for a $500mn Country Garden bond maturing in September 2025. The developer was due to make a $15.4mn coupon repayment this week.
Country Garden declined to comment on the specific coupon payment. A spokesperson reiterated on Wednesday that it “will not be able to meet all of its overseas debt repayment obligations”.
Country Garden, the largest developer in China by sales from 2017 to 2021, has been battling to stave off default for weeks.