Country Garden says it aims to pay onshore coupons due Thursday by May 13

HONG KONG: Embattled Chinese developer Country Garden said it is unable to pay onshore coupons due on Thursday but it aims to make the payment and additional interest incurred by May 13, within the grace period.

The developer which defaulted its $11 billion offshore bonds and extended its onshore bond repayments late last year, said in a filing that if it still failed to pay the coupons by the end of a grace period, state-owned China Bond Insurance Co would undertake the credit enhancement obligations as a guarantor.