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So far, private developers have issued at least 33 bonds guaranteed by China Bond Insurance, with a total of 33.7 billion yuan. Photo: Bloomberg
(Bloomberg) — A Chinese program that provides state guarantees to developer bonds will be put to the test this week when payments come due from one of the most indebted builders.
The stock price of Country Garden Holdings Co. Ltd. is relatively small – 65.95 million yuan ($9.1 million) for two interest payments. Both notes are guaranteed by China Bond Insurance Co. Ltd., a state credit support provider at the heart of a program introduced by the authorities in August 2022 to help private developers avoid liquidity crunches.
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