Country
Garden
shares
tumbled
to
fresh
eight-month
lows
Monday,
extending
losses
on
renewed
debt
fears
for
the
Chinese
property
sector.
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Publishing
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Future
Publishing
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All
of
Country
Garden‘s
offshore
debt
could
potentially
be
in
default
if
the
Chinese
property
developer
fails
to
make
a
$15
million
coupon
payment
on
Tuesday,
which
marks
the
end
of
a
30-day
grace
period.
The
embattled
real
estate
giant
warned
last
week
it
may
not
be
able
to
make
all
its
offshore
repayments,
including
those
issued
in
U.S.
dollar
notes.
Once
China’s
largest
real
estate
developer,
Country
Garden
narrowly
avoided
default
in
early
September
after
it
managed
to
pay
$22.5
million
in
bond
coupon
payments.
Its
creditors
voted
to
extend
repayments
on
six
onshore
bonds
by
three
years.
Country
Garden
vs.
Hang
Seng
Index
The
founding
family
of
Country
Garden
reportedly
provided
the
company
with
an
interest-free
loan
of
$300
million,
Reuters
reported
Friday,
saying
the
family
was
trying
to
sell
another
jet
to
raise
money.
If
the
Country
Garden
fails
to
make
the
repayment
on
Tuesday,
it
would
become
the
latest
casualty
among
many
large
Chinese
real
estate
developers
that
have
defaulted
on
their
debt.
Chinese
property
giants
including
Evergrande and
Country
Garden
have
been
hit
by
debt
problems,
hurting
consumer
confidence
in
the
sector.
Shares
of
Country
Garden
rose
1.37%
in
early
trade,
tracking
a
0.86%
rise
in
the
broader
Hang
Seng
Index.
