From Asia Financial, October 9:
China’s Private Real Estate Giants Teeter Near Collapse
Bondholders of China Evergrande fear it faces liquidation as its debt plans flounder, while Country Garden may announce a restructuring of its offshore debt soon
China’s two biggest – and most debt-laden – private developers are battling to avoid collapse, thanks to a combined debt-load of close to half a trillion dollars.
Local media have reported that Country Garden, which has liabilities of about $192 billion, may announce a restructuring of its offshore debt soon.
Meanwhile, bondholders of China Evergrande, its troubled peer, which owes a staggering $329 billion, fear it faces liquidation because its debt plans are floundering.
Country Garden, which missed two dollar interest payments last month, has two coupons totalling $66.8 million coming due on Monday. Media outlet Cailianshe said the company may announce a restructuring soon....
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