Chinese property developer Country Garden, facing financial challenges, announced on Saturday that it had repaid two onshore bond coupons before the expiration of a five-day grace period, subsequent to missed payments last week.
Country Garden, which defaulted on $11 billion of offshore bonds and extended other onshore bond repayments late last year, had declared on Thursday its intention to settle the payment and additional interest incurred by Monday.
In the event of missing the deadline, Country Garden stated that state-owned China Bond Insurance Co. would step in to fulfill the repayment on its behalf.
The two coupons, totaling 65.95 million yuan ($9.1 million), are associated with two medium-term notes guaranteed by China Bond Insurance Co. and issued in May last year. This issuance occurred a few months before Country Garden defaulted on its offshore bonds. The outstanding amounts for these notes are 800 million yuan and 900 million yuan, respectively.
