Country Garden said to delay key vote as China rolls out more support
- The vote on a US$535.4 million onshore private bond is a key hurdle the embattled developer will have to overcome as it strives to avoid default
- Adding to the property sector’s woes, Moody’s slashed Country Garden credit ratings by three notches to Ca from Caa1
Embattled Chinese developer Country Garden is delaying a deadline for creditors to vote on whether to postpone payments for an onshore private bond, Bloomberg reported on Thursday, while Beijing rolled out more support measures for the property sector.
The vote on the 3.9 billion yuan (US$535.4 million) onshore private bond is a key hurdle Country Garden will have to overcome as it strives to avoid default amid a spiralling financing crisis and opposition from some creditors.
The voting was due to conclude by Thursday 10p Hong Kong time. It was to be held via private meetings.
Bloomberg reported that Country Garden was pushing the deadline back by one day to 10pm Beijing time on Friday, citing filings to the Shanghai Stock Exchange’s private disclosure platform seen by the news agency.
03:12
A look into China’s real estate market: unpaid workers and silent construction sites
The company could not immediately be reached outside Asia business hours.