Country Garden Holdings Seeks Bond Payment Extensions Amid Falling Home Sales and Financial Struggles

Country Garden is attempting to extend the terms of nine bonds due to a sharp decline in home sales and financial difficulties. The developer, located in Foshan, announced intentions to delay for half a year the interest and principal repayment schedules on nine bonds maturing this month.

Financially troubled Country Garden Holdings is requesting more time to make payments on nine domestic bonds, intensifying the problems of the Chinese developer amidst a significant decline in home sales.

The developer based in Foshan informed bondholders through a statement on Wednesday of its intentions to delay for half a year the interest and principal payment on nine bonds due at various dates this month until six months from now.

The firm announced that it hasn't gathered enough money to cover the main debt and interest of the bonds due to a steep drop in home sales and limitations on fund distribution.

The company's sales continue to suffer, influenced by poor trust and low demand, according to a statement they gave to the Post. Currently, issues related to sales and policies continue to exist, and there is ongoing uncertainty surrounding short-term fundraising.