Country Garden has remitted funds to repay yuan bond in full -filing

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A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Purchase the license rights

Dec. 13 (Reuters) – Chinese developer Country Garden Holdings slammed (2007. HK) has remitted more than 800 million yuan ($111.42 million) to repay onshore bondholders, a company filing with the Shenzhen Stock Exchange late Tuesday showed.

Bondholders of a total of 8 million notes, each with a principal of 100 yuan thing to exercise the put option from November 28, while Country Garden wired funds that fully repay the principal and interest, the presentation showed.

The refund comes as Country Garden has defaulted on its $11 billion offshore bonds and is working on a plan to restructuring the debt

The company in September won approval from creditors to extend the maturity of eight 10.8 billion yuan worth of three-year onshore bonds.

($1 = 7.1799 Chinese Yuan Renminbi)

Reporting by Xie Yu in Hong Kong and Gursimran Kaur in Bengaluru, Editing by Louise Heavens

Our standards: The Thomson Reuters Trust Principles.

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