HONG KONG, Sept 11 — Embattled developer Country Garden faces a new round of voting by creditors to extend several debt maturities on Monday, after having avoided default at the last minute twice this month to bring some respite to the crisis-hit Chinese property sector.
That voting was delayed by two times before Country Garden’s proposal won support from 56.08% of participating creditors. It also managed to avoid default in the offshore market, with a last-minute bond coupon payment last week. In the offshore market, Country Garden has at least five coupon payments due this month, including two relatively sizable dollar bond coupons worth US$15 million due on September 17, and US$40 million on September 27, each with a 30-day grace period.