SHANGHAI/HONG KONG -- Struggling Chinese developer Country Garden Holdings said Wednesday it had failed to make a 96 million yuan ($13.3 million) bond interest payment due the previous day, entering a 30-day grace period in which it will try to avoid its first default on a yuan bond.
During this period, "we will make every effort to raise the funds by improving sales, using assets and cutting administrative costs," a spokesperson told Nikkei.
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