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The troubled Chinese developer is fighting to avert its first ever actual default on an offshore debt as the grace period for a US$15.4 million payment enters its final hours.
Chinese developer Country Garden is stumbling toward a full-blown debt reorganisation with creditors after missing a bond payment and warning of possible default on its offshore borrowings.
Two years after Chinese property giant Evergrande defaulted on its debt, Chinese policymakers are struggling to come up with ways to stem the worsening real estate crisis.
Evergrande chairman under police watch; liquidation risk mounts | 2023-09-28 08:58:00
The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on Wednesday.