China's Country Garden misses yuan bond payment in latest setback

Developer pledges to 'make every effort' to raise funds during 30-day grace period

Country Garden was declared in default on dollar-denominated debt in October, but so far has avoided defaulting on yuan bonds. © Reuters

NORIYUKI DOI and KENSAKU IHARA, Nikkei staff writers

March 13, 2024 23:43 JST

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.