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May 09, 2024 - 17:45
By asia.nikkei.com

China's Country Garden aims to pay missed coupons by next week

HONG KONG (Reuters) -- Embattled Chinese property developer Country Garden said it was unable to pay two onshore coupons due on Thursday, but China Bond Insurance Co would do so on its behalf if it missed paying within a grace period that ends next week.

Such a move would be the first time the state-owned company has come to the rescue of an issuer under a Beijing-led program launched in 2022 to bolster investor confidence, and analysts warned it could make future issuance harder.