Embattled Chinese real estate giant Country Garden has defaulted on one of its international bonds, the FT reported, as the country’s crisis-hit property sector moves ever closer to the precipice and the threat of wider contagion.
According to US bank Citi, the trustee of the bond, an “event of default” has taken place after the country’s biggest private developer missed a payment on the bond last month, the report went on. Country Garden were allowed a 30-day grace period but still failed to transfer the funds over.
Read the full story: The Financial Times
- By Sean O’Meara
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