1 year ago
28
Property developer denies claims founder and chair have left country amid reports it missed key deadline
The crisis in China’s property sector deepened as Country Garden, the country’s biggest developer by sales, reportedly missed its final deadline for an interest payment on a dollar bond, putting it at risk of default.
The troubled company, which has about $200bn (£163bn) in liabilities and nearly $11bn in dollar-denominated offshore bonds, was due to make a $15.4m coupon repayment this week, but failed to do so, according to reports. Its share price fell 4% in Hong Kong on Thursday, and is down 74% since the beginning of the year.
Continue reading...