Distressed property developer Country Garden is seeking to extend payments of another seven onshore bonds including the bond due on Sept. 14 after it extended an onshore private bond, reported Chinese news outlet The Paper, citing people familiar with the matter.
The homebuilder is seeking to extend the maturity of seven onshore bonds worth a total of about 10.3 billion yuan, which are set to mature in the remaining of 2023, by three years, according to the report.
That came after Country Garden reportedly won approval from its creditors to extend the payment for a 3.9 billion yuan of onshore private bond that matures on September 2, in a vote that ended on Friday night.
The extension means the developer can repay the debt in instalments over three years, instead of meeting its obligations by Saturday.
In the offshore market, the developer missed an initial deadline to pay a combined $22.5 million of coupon on two US dollar bonds and the grace period for the payments will end on September 5-6.