Country Garden Holdings extended the voting period by its bondholders to 10pm on September 1, giving them extra time to deliberate on the property developer’s plan to postpone its payments and avert a default on a private onshore bond, reports the South China Morning Post. The developer extended the vote at 9:30pm last night, 30 minutes before bondholders were due to cast their final electronic ballots, according to a report by Caixin. Country Garden did not immediately respond to requests for comment.
Country Garden, China’s largest developer by sales not long ago, last week proposed extending the payment of the interest and principal on a RMB 3.9 billion ($535 million) note in seven phases over three years.
But some bondholders did not accept this and requested full repayment, forcing Country Garden to delay the vote to 10pm Hong Kong time on Thursday from last Friday and seek the 40-day extension instead.
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