The voting for bondholders to determine whether to approve the proposed three-year extension of eight onshore bond issued by Country Garden, to mature or be puttable in 2023 and 2024, will end at 10 pm on Monday, Beijing time.
That comes after the developer on Sept. 1 won approval from creditors to extend payments by three years for a 3.9 billion yuan onshore private bond. It also managed to avoid default in the offshore market, with a last-minute bond coupon payment last week.
Country Garden faces 108.7 billion yuan worth of debts due within 12 months, while its cash are around 101.1 billion yuan as of end-June. In the offshore market, Country Garden has at least five coupon payments due this month, including two relatively sizable dollar bond coupons worth $15 million due on Sept. 17, and $40 million on Sept. 27, each with a 30-day grace period.
