Hong Kong CNN —China’s giant property developer Country Garden has been declared in default on its debt after failing to make a bond repayment by a final deadline of October 18.
It’s similar to an insurance product in that it can protect buyers against losses arising from debt default by a company or government.
Country Garden, formerly China’s largest homebuilder, missed the payment on a $500 million bond as it battles a liquidity crisis.
“Country Garden was once considered a safe name, even as peers like Evergrande and Sunac China went bankrupt around them.
What’s next for Country Garden?
Persons:
JP Morgan, Goldman Sachs, Jeff Zhang, ”, John Bringardner, What’s, “, ” Zhang, Bringardner
Organizations:
Hong Kong CNN, CDS, Citadel Americas, Morningstar, Country Garden, Sunac
Locations:
Hong Kong, Sunac China, New York, China