(Bloomberg) – Chinese developer Country Garden Holdings Co. Ltd. said that he can not meet the initial terms for interest payments on two local bonds and that a state guarantor intervenes – marking the first test of a government program to strengthen the debt of the builders.
The onshore unit of the company cannot make the coupon payments on its 3.95% note and its 3.8% bond for an initial term of May 9, according to the files. Both titles are guaranteed by China Bond Insurance Co. Ltd., a state-owned company at the heart of a program introduced by the authorities in 2022 to help private sector developers avoid liquidity crunches.
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