HONG KONG -- Distressed Chinese developer Country Garden Holdings failed to meet its obligation to make a $15.4 million interest payment due Oct. 18 on a U.S. dollar-denominated bond, the global credit industry arbiter said in a decision issued Thursday.
China debt crunch
Country Garden failed dollar bond payment obligation: industry arbiter
China developer's missed deadline could trigger payments in default swap derivatives
Country Garden, along with Evergrande Group, has been at the center of China's ongoing real estate crisis. © Reuters
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