China’s biggest private developer, Country Garden, has missed interest payments on two international bonds.
The developer, which is battling to stave off a liquidity crisis, had been seen as one of the few survivors of the crisis in the real estate sector which began with Evergrande’s defaults almost two years ago.
Country Garden’s $500m bonds are due in February 2026 and August 2030 and were already trading at distressed levels.
They fell to 13 and 11 cents on the dollar respectively on reports of $22.5m in missed coupon payments.
Country Garden had almost $200bn of liabilities at the end of 2022.
