Country Garden has made interest payments on two US dollar bonds just as a grace period was due to end on Tuesday (Sep 5), a person close to the company said, in a relief for the embattled
Country Garden shares rose 14.6%, helping China's property stocks rallyThe company has interest payments linked to the Malaysian bondThe grace period for
China s largest property developer, Country Garden, saw its shares surge 19 per cent after its creditors agreed to restructure a renminbi-denominated bond repayment. The extension gives the company more time to avoid defaulting on its debt, providing relief for the crisis-hit property sector.
Shares in China s banking sector dropped on Wednesday on worries that a reduction in existing mortgage rates will dent the profitability of lenders already reeling from a worsening property sector. -Yesterday at 10:30 pm- MarketScreener