Country Garden, one of China’s biggest property developers, has become the latest real estate giant to warn that it could default on its debts.
This came as the crisis-hit company reported a record $6.7bn (£5.2bn) loss for the first six months of the year.
Country Garden said in the statement that it was “deeply remorseful for the unsatisfactory performance.”
Country Garden said in the statement that it was “deeply remorseful for the unsatisfactory performance.”
Country Garden also announced it had missed interest payments on bonds that were due this month. However, it added it was still within a 30-day grace period to make the payments.
It is also reportedly seeking to extend a deadline for the repayment of another bond.
The firm warned that it could default on its debts “if the financial performance of the group continues to deteriorate in the future”.
“The group might not be able to fulfil the financial covenants of these borrowings, which may result in default in these borrowings and cross-default in certain other borrowings,” Country Garden said in a regulatory filing in Hong Kong.
Earlier this month, the company warned that it could see a loss of up to $7.6bn for the first six months of the year. The record loss was at the bottom end of a 45bn yuan ($6.2bn; £4.9bn) to 55bn yuan estimate issued by the company.
Country Garden, one of China’s biggest property developers, has become the latest real estate giant to warn that it could default on its debts.
Country Garden said in the statement that it was “deeply remorseful for the unsatisfactory performance.”
This came as the crisis-hit company reported a record $6.7bn (£5.2bn) loss for the first six months of the year.
Country Garden also announced it had missed interest payments on bonds that were due this month. However, it added it was still within a 30-day grace period to make the payments.
Country Garden said in the statement that it was “deeply remorseful for the unsatisfactory performance.”
Country Garden said in the statement that it was “deeply remorseful for the unsatisfactory performance.”
Country Garden also announced it had missed interest payments on bonds that were due this month. However, it added it was still within a 30-day grace period to make the payments.
It is also reportedly seeking to extend a deadline for the repayment of another bond.
The firm warned that it could default on its debts “if the financial performance of the group continues to deteriorate in the future”.
“The group might not be able to fulfil the financial covenants of these borrowings, which may result in default in these borrowings and cross-default in certain other borrowings,” Country Garden said in a regulatory filing in Hong Kong.
Earlier this month, the company warned that it could see a loss of up to $7.6bn for the first six months of the year. The record loss was at the bottom end of a 45bn yuan ($6.2bn; £4.9bn) to 55bn yuan estimate issued by the company.
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