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Country Garden shares tumbled to fresh eight-month lows Monday, extending losses on renewed debt fears for the Chinese property sector.
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All of Country Garden‘s offshore debt could potentially be in default if the Chinese property developer fails to make a $15 million coupon payment on Tuesday, which marks the end of a 30-day grace period.
The embattled real estate giant warned last week it may not be able to make all its offshore repayments, including those issued in U.S. dollar notes.
Once China’s largest real estate developer, Country Garden narrowly avoided default in early September after it managed to pay $22.5 million in bond coupon…
Source cnbc.com
