Country Garden's entire offshore debt to be in default if Tuesday payment not made

A workers stands at a construction site of property developer Country Garden in Beijing on August 15, 2023. (Photo by Pedro PARDO / AFP)

HONG KONG: Country Garden's entire offshore debt will be deemed to be in default if China's largest property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period.

Non-payment of this tranche is set to trigger cross defaults in other bonds as is standard in bond contracts.