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☆ Morning Bid: Banks, Biden visit buoy markets
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Biden leaves later on Tuesday for a high stakes visit to Israel and Jordan and Washington said Israeli Prime Minister Benjamin Netanyahu had agreed to let humanitarian aid reach besieged Gazans. That reversed a pre-weekend 'safety bid' that emerged amid fears an Israeli ground invasion into Gaza could draw other regional countries and groups into the war. Before then, bond markets will have to negotiate tomorrow's 20-year Treasury auction. The relatively new 20-year tenor has often proved unpopular and will be watched closely after a poor reception for the latest 30-year bond last week.

Persons: Brendan McDermid, Mike Dolan, Joe Biden's, Biden, Washington, Benjamin Netanyahu, Wells, Goldman Sachs, Charles Schwab, Jerome Powell's, Vladimir Putin, Xi Jinping, Lockheed Martin, Johnson, JB Hunt, Michelle Bowman, John Williams, Neel Kashkari, Tom Barkin, Luis de Guindos, Joe Biden, Olaf Scholz Organizations: New York Stock Exchange, REUTERS, Treasury, JPMorgan, Citigroup, Bank of America, Bank of New York Mellon, Federal Reserve, HK, Bank of England, Lockheed, United Airlines, Michelle Bowman , New York Fed, Minneapolis Fed, Richmond Fed, European Central Bank, European Union, Luxembourg Retail, Reuters Graphics Reuters, EIA, Thomson Locations: New York City, U.S, Israel, Gaza, Jordan, Israeli, Gazans, Asia, Europe, Wells Fargo, China, Russian, Beijing, Ukraine, United, Canada, Michelle Bowman , New, Frankfurt, Luxembourg, Venezuela

☆ Country Garden's entire offshore debt to be in default if Tuesday payment not made
▼ + stars: | 2023-10-16 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

REUTERS/Edgar Su/File Photo Acquire Licensing RightsHONG KONG, Oct 17 (Reuters) - Country Garden's (2007.HK) entire offshore debt will be deemed to be in default if China's largest property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period. Lack of payment - which is expected after Country Garden last week warned about its inability to meet offshore debt obligations - would make the firm the latest in scores of Chinese developers who have defaulted. Country Garden has also missed other offshore payments in the past few weeks though those payments still have not seen their 30-day grace periods lapse. Country Garden declined to comment. With nearly $11 billion of offshore bonds and $6 billion of offshore loans, a default by Country Garden would set the stage for one of China's biggest corporate debt restructurings.

Persons: Edgar Su, Houlihan Lokey, Sidley Austin, Clare Jim, Edwina Gibbs Organizations: REUTERS, HK, China International Capital Corporation, Kingboard Holdings, JPMorgan, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, HONG KONG, China, Hong Kong

☆ Country Garden founding family provides $300 mln loan, selling jet - report
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Oct 13 (Reuters) - The founding family of Country Garden (2007.HK) recently loaned the embattled Chinese property developer $300 million interest free, and the family was also trying to sell its private jet, a Chinese online news outlet, The Paper, reported on Friday. Another online news outlet, Cailianshe, reported earlier that founder Yeung Kwok Keung had already sold a new jet and was trying to sell another. Country Garden declined to comment. Country Garden's 30-day grace periods to make the missed coupon payments will start expiring next week.

Persons: Aly, Yeung Kwok Keung, Yeung, Mo Bin, Yang Huiyan, Clare Jim, Simon Cameron, Moore Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, HONG KONG, Shunde, Guangdong province

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, China's largest private property developer, has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week. In a filing with the Hong Kong stock exchange on Tuesday, Country Garden said that its sales and financing were facing "significant challenges", and its available funds have continued to decrease. Country Garden was due on Monday to pay $66.8 million in coupons on 2024 and 2026 dollar bonds, although the payments have a 30-day grace period. ($1 = 7.8284 Hong Kong dollars)Reporting by Scott Murdoch in Sydney and Xie Yu in Hong Kong; additional reporting Rishav Chatterjee in Bengaluru and Clare Jim in Hong Kong; Editing by Rashmi Aich, Lincoln Feast, Jamie Freed and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, homebuyers, Houlihan Lokey, Sidley Austin, Jeff Zhang, Sandra Chow, CreditSight's, Scott Murdoch, Xie Yu, Rishav Chatterjee, Clare Jim, Rashmi Aich, Lincoln, Jamie Freed, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, HK, Hong, China International Capital Corporation, Asia, China Evergrande, Investment, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Beijing, Sydney, Bengaluru, Clare

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Companies accounting for 40% of Chinese home sales - mostly private property developers - have defaulted on debt obligations since a liquidity crisis hit the sector in 2021, leaving many homes unfinished. The developer had been working towards announcing a restructure of its offshore debt, Chinese media reported on Monday. Country Garden faces another big test next week when its entire offshore debt could be deemed in default if it fails to pay a $15 million September coupon by Oct. 17. "The difficult situation shows that Chinese developers face severe liquidity pressure from weak home sales, and repayment to bondholders is still a lower priority," said Gary Ng, senior economist at Natixis Corporate and Investment Bank.

Persons: Aly, Houlihan Lokey, Sidley Austin, Morningstar, Jeff Zhang, Sandra Chow, CreditSight's, Gary Ng, Scott Murdoch, Xie Yu, Rishav Chatterjee, Rashmi Aich, Lincoln, Jamie Freed 私 Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, HK, Hong Kong Stock Exchange, China International Capital Corporation, Asia, Natixis Corporate, Investment Bank Locations: Shanghai, China, HONG KONG, Hong Kong, Sydney, Bengaluru

☆ China's property crisis just keeps getting worse — property giant Country Garden just warned it may default on its debt
▼ + stars: | 2023-10-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's Country Garden warned on Tuesday it could default on its offshore debt payments. Country Garden is the latest high-profile Chinese real-estate giant ensnared in a liquidity crunch. On Tuesday, embattled property giant Country Garden signaled that it may be facing its first default ever, in a filing to the Hong Kong Stock Exchange. However, Country Garden has around 3,000 unfinished projects — which is around four times that of Evergrande's 800 projects that are still being built. Country Garden shares were down 9.5% at 76 Hong Kong cents at 3.34 p.m. local time.

Persons: —, Evergrande —, it's, Houlihan Lokey, Sidley Austin Organizations: HK, Service, Hong Kong Stock Exchange, Hong, Bloomberg, China International Capital Corporation, Garden Locations: Hong Kong, China

BANGKOK (AP) — Asian shares have climbed after Wall Street advanced on potentially encouraging news about interest rates, which have been dragging markets lower since the summer. Oil prices, which had climbed Monday on worries about the violence in the Middle East, fell back. Oil prices already were volatile. Interest rates, and expectations for where they will go, have been driving Wall Street's swings more than anything since the start of last year. Investors dislike higher interest rates because they knock down prices for stocks and other investments.

Persons: Kospi, Brent, Amarpreet Singh, JPMorgan Chase Organizations: Wall, Nikkei, Federal Reserve, Fed, Dow Jones Industrial, Nasdaq, New York Mercantile Exchange, Brent, Barclays, Wall Street's, Halliburton, U.S . Treasury, Delta Air Lines, JPMorgan, UnitedHealth Group, U.S . Locations: BANGKOK, Gaza, Hong Kong, Australia, Bangkok, China's, Israel, Saudi Arabia, Wall, U.S

HONG KONG (AP) — Chinese property developer Country Garden warned Tuesday that it cannot repay on time a 470 million Hong Kong dollar ($60 million) loan in the latest sign of distress after Beijing clamped down on mounting debts in the industry. The company said its sales were under “remarkable pressure.”Country Garden earlier had been hailed as a model real estate company by Chinese authorities. Country Garden's sales slumped nearly 44% in January-September from the same period a year earlier, the company said. Since there has not been an industry-wide improvement in property sales, Country Garden said “its liquidity position is expected to remain very tight in the short- to medium-term.”However the company is still finishing and delivering residential housing. Country Garden had more than $180 billion in liabilities as of June.

Persons: Evergrande Organizations: Hong Kong, Hong Kong Stock Exchange, China Minsheng Banking Corporation, Hong, Industrial & Commercial Bank of China Locations: HONG KONG, Beijing, China, Hong Kong

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, which missed two dollar interest payments last month, has two coupons totalling $66.8 million coming due on Monday. Country Garden has $10.96 billion offshore bonds and 42.4 billion yuan ($5.81 billion) worth of loans not denominated in yuan. "Until then, the base case is that China Evergrande Group will be liquidated at the next winding up hearing on October 30, 2023." Shares in Country Garden fell more than 6% on Monday, while Evergrande Group shares tumbled 11%, compared to a 1.9% fall in the Hang Seng Mainland Properties Index (.HSMPI).

Persons: Aly, Cailianshe, Evergrande, Clare Jim, Scott Murdoch, Lincoln Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, . Media, Reuters, UBS, China Index Academy, Garden, Evergrande Group, Mainland Properties, Energy Vehicle Group, U.S, Thomson Locations: Shanghai, China, HONG KONG, BEIJING, Beijing, Hang, Hong Kong, Sydney

☆ Chinese developer Country Garden faces fresh offshore payments deadline
▼ + stars: | 2023-10-09 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Oct 9 (Reuters) - Chinese property developer Country Garden (2007.HK), which missed two dollar interest payments last month, faces another deadline on Monday with two coupons totalling $66.8 million coming due. The market is closely watching whether Country Garden, which owns projects across the country, can manage to dodge default again by making payments at the last minute. But the developer has not yet paid a $15 million coupon due Sept 17 and another $40 million coupon due on Sept 27, both of which have 30-day grace periods. ($1 = 7.2951 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Lincoln Feast.

Persons: Aly, Clare Jim, Lincoln, 私 Organizations: Shanghai Country Garden, REUTERS, HK, UBS, Garden Locations: Shanghai, China, HONG KONG, Beijing

That’s discouraging for shoppers paying higher prices, but much of the acceleration was because of higher fuel costs. The inflation report was so highly anticipated because it will help steer what the Federal Reserve does next on interest rates. Even though economists are willing to ignore fuel costs when looking at inflation to find the underlying trends, households and companies don’t get the same luxury. American Airlines cut its forecast for profits during the summer because fuel costs are running higher than it expected. Spirit Airlines said it’s also paying higher fuel costs this summer than expected, roughly $3.06 per gallon instead of the $2.80 it had earlier forecast.

Persons: don’t, it’s, It’s, Brent Organizations: Federal Reserve, Nikkei, Dow Jones, Nasdaq, Fed, American Airlines, Spirit Airlines, United Airlines, Delta Air Lines, Microsoft, Nvidia, Moderna, New York Mercantile Exchange, U.S Locations: Asia, Seoul, Hong, Hong Kong, Shanghai, Australia, U.S

Seven years in, Country Garden has invested 20 billion ringgit ($4.3 billion) in the project, Forest City said, a far cry from the initial $100 billion plan. "Seeing is believing," Forest City said in an email response. "The land plot itself is valuable," a Singapore-based bondholder of Country Garden said, while highlighting the complications of dealing with a local government joint-venture. Last month, Malaysia's central bank said local banks had limited exposure to Country Garden amid concern about its financial stress. Anwar, Malaysia's prime minister, has designated Forest City a "special financial zone" to attract investment, which Forest City said would help with its marketing.

Persons: Foo Gee Jen, Anwar Ibrahim, Anwar, Malaysia's, Yang Ming Han, Loh, Loh Wee Loon, I'm, Xinghui Kok, Xie Yu, Anne Marie Roantree, Lincoln Organizations: ISKANDAR PUTERI, Garden, Forest, Malaysian, Reuters, Thomson Locations: KUALA LUMPUR, ISKANDAR, Malaysia, Garden's, City, Johor, Singapore, Forest City, Malaysian, Forest, Loh Wee, China, Johor Sultan, Iskandar Puteri, Kuala Lumpur, Yantoultra, Hong Kong

☆ Country Garden gets maturity extension approval for one more onshore bond - sources
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Shares in Country Garden, China's largest private property developer, jumped as much as 14% in Hong Kong on Wednesday. A Country Garden spokesperson did not immediately respond to Reuters' request for comment on the maturity extension of the bond. Before the latest voting to extend the maturities of eight onshore bonds, Country Garden managed to avoid default at the last minute twice earlier this month, bringing some relief to the battered property sector. Of those eight Country Garden bonds, maturity extensions for six have been approved, Reuters reported on Tuesday, citing sources.

Persons: Aly, Ting Meng, Shuyan Wang, Jing Bian, Xie Yu, Sumeet Chatterjee, Tom Hogue Organizations: Shanghai Country Garden, REUTERS, Rights, Reuters, Garden, Country Garden, ANZ, Thomson Locations: Shanghai, China, Rights BEIJING, HONG KONG, HK, Hong Kong, Beijing

☆ Country Garden secures bondholder reprieve, sources say; shares soar
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +3 min

Country Garden did not immediately reply to a request for comment. The latest voting came after Country Garden on Sept. 1 gained approval from creditors to extend payments by three years for a 3.9 billion yuan ($533 million)onshore private bond. Country Garden, one of the few large Chinese developers that has not defaulted on debt obligations, has faced liquidity pressure with reduced available funds as sales plunged, its interim financial statements showed. It has 108.7 billion yuan ($14.9 billion) of debts due within 12 months, while its cash level are around 101.1 billion yuan as of end-June, according to the company's interim financial statement. Any default by Country Garden would exacerbate the country's spiralling real estate crisis, put more strain on its struggling banks and could delay the recovery of not only the property market, but the overall Chinese economy.

Persons: Shuyan Wang, Jing Bian, Xie Yu, Muralikumar Anantharaman, Jamie Freed Organizations: HK, Mainland Properties, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, Beijing, Shanghai

☆ Chinese property giant Country Garden's stock surged by 10% after receiving an extension to repay some of its bonds
▼ + stars: | 2023-09-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Country Garden's creditors agreed to extend the repayments on six onshore bonds by three years, Reuters reported. The property giant had previously proposed to extend payments on eight onshore bonds worth $1.5 billion. The news sent Country Garden's shares up by as much as 10% on Tuesday. On Monday, the developer's creditors voted on the company's proposal to extend the maturity of eight onshore bonds by three years, according to Reuters. Country Garden did not immediately respond to a request for comment from Insider.

Persons: — Organizations: Reuters, Country Garden's, Service, Garden Holdings, Hong Locations: Wall, Silicon, Hong Kong

☆ Country Garden faces fresh test for onshore bond extensions
▼ + stars: | 2023-09-11 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

The voting, due to conclude by 10 p.m. Hong Kong time (1400 GMT) on Monday, will have onshore creditors decide on approving a proposal by Country Garden (2007.HK) to extend repayments of eight onshore bonds by three years. Country Garden did not immediately respond to request for comment. Country Garden has so far showed "higher willingness to stave off a default" compared to many of its peers, said Nicholas Chen, a Singapore-based analyst at research firm CreditSights. Chen expects Country Garden to continue striving to defer due bond payments on both onshore and offshore markets, given its inadequate liquidity position. ($1 = 7.3490 Chinese yuan renminbi)Reporting by Xie Yu; Editing by Sumeet Chatterjee and Lincoln Feast.

Persons: Nicholas Chen, Chen, Xie Yu, Sumeet Chatterjee Organizations: Country Garden, HK, Thomson Locations: HONG KONG, Hong Kong, Singapore, Lincoln

☆ Country Garden just dodged a default but China's property-debt distress continues
▼ + stars: | 2023-09-09 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Leading Chinese developer Country Garden avoided a debt-default last week with an 11th-hour coupon payment. But this may have provided only a temporary relief for the Asian nation's ailing property sector. Country Garden Holdings managed to pay interest totaling $22.5 million last Monday, which offered a temporary reprieve to the embattled industry. His firm holds some Country Garden bonds. The market for Chinese developers' dollar-denominated bonds has lost a staggering 87% of value over the past two years.

Persons: Edward Al, Columbia Threadneedle, Debtwire, Chaim Estulin, Lehman Organizations: Country, Service, Garden Holdings, Investment, Bloomberg, Columbia, Reuters Locations: Wall, Silicon, Beijing, China

☆ Nanjing scraps home-buying curbs in China's latest property boost
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

China's authorities in recent weeks have rolled out a series of measures, such as easing borrowing rules, to support the debt-riddled property sector, which accounts for one-quarter of China's economic activity, but analysts say the steps are unlikely to reverse the slide. China's property sector has been on a downward spiral since 2021, when the government took steps to stop developers from accumulating debt. Nanjing's move indicates property easing will continue, playing an important role in stimulating home-buying and changing expectations in the sector, Yan said. Many smaller locales have eased home-purchase curbs over the past two years, but major cities - traditional targets of speculative buying - had held off. Nanjing also cut the maximum down payments for first home purchases to 20% from 30% for commercial mortgages, state broadcaster CCTV said on Thursday, compared to 30% to 35% in most major cities.

Persons: Tingshu Wang, Yan Yuejin, Yan, Liangping Gao, Ryan Woo, William Mallard Organizations: REUTERS, Garden Holdings, Reuters, China Research, Development Institution, Thomson Locations: Tianjin, China, BEIJING, Nanjing, Beijing, Shanghai, Shenzhen

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. It has around $14.8 billion worth of debt due within 12 months, while its cash levels are around $13.8 billion. Country Garden declined to comment. Despite those measures, China's new home prices fell for the fourth month in August, according to a private survey on Friday, as the property debt crisis kept confidence at a low ebb. "Country Garden will probably make full use of the grace periods…it still looks challenging for them to generate enough cash for the upcoming payments, both onshore and offshore," said Ting Meng, a senior credit strategist at ANZ.

Persons: Aly, Edward Al, Ting Meng, Benjamin Bennett, they've, Xie Yu, Davide Barbuscia, Sumeet Chatterjee, Muralikumar Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Country Garden Holdings, HK, Columbia, U.S, Country Garden, ANZ, General Investment Management, Thomson Locations: Shanghai, China, HONG, Country, Hong Kong, New York

☆ China Evergrande soars 70% to lead Chinese property names higher after another developer dodges default
▼ + stars: | 2023-09-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

China Evergrande stock jumped as much as 82% Wednesday, leading other Chinese property names higher. Also lifting shares was commentary in the state-owned Securities Times, which called for further easing of restrictions on the property market. AdvertisementAdvertisementThat comes after Beijing has already introduced a raft of measures to prop up the real estate sector and the broader economy. Meanwhile, Evergrande — a former $50 billion real estate giant that last month filed for Chapter 15 bankruptcy protection — remains the world's most indebted property developer. Days prior, a company filing showed a loss of 33 billion yuan in the six months up to June 30, adding on to the 582 billion yuan in losses from the last two years.

Persons: China Evergrande, Evergrande, Logan, Evergrande —, Lehman, Nicholas Spiro Organizations: Securities Times, Service, Country Garden Holdings, Logan Group, Hong, Mainland, Citi, Zhongront, Lauressa Locations: China, Wall, Silicon, Hong Kong, China's, Beijing

☆ Chinese property giant Country Garden pays its dollar bond interest within grace period, narrowly averting a default
▼ + stars: | 2023-09-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China's Country Garden paid the interest on two US bonds within their grace periods, per media reports. The property giant also won approval from creditors to extend the maturity of an onshore bond. The payments mean that Country Garden — one of China's largest private developers — has managed to avoid a default just before one of the bond's grace period expires on Tuesday, per Reuters. Country Garden did not immediately respond to a request for comment from Insider. Country Garden Holdings' shares were 2% lower at 1 Hong Kong dollar apiece at midday on Monday.

Persons: — Organizations: Garden, Service, Reuters, HSBC, Garden Holdings, Hong Kong Locations: Wall, Silicon, Asia

Country Garden also offered on Tuesday to extend repayment of eight onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years, according to people with knowledge of the matter and documents seen by Reuters. Country Garden did not respond to a request for comment. A general view of a construction site of residential buildings by Chinese developer Country Garden in Tianjin, China August 18, 2023. Country Garden has not missed a debt payment obligation, onshore or offshore. "The three-year extension of maturity offered by Country Garden looks better than restructuring plans by most of the other troubled developers," Meng said.

Persons: Gary Ng, Tingshu Wang, Susannah Streeter, Hargreaves Lansdown, DODGE, CreditSights, Ting Meng, Meng, Xie Yu, Shuyan Wang, Jason Xue, Sumeet Chatterjee, Christopher Cushing, Kim Coghill Organizations: HK, Reuters, Country, Natixis Asia Pacific, REUTERS, Services, Global, Hargreaves, Mainland Properties, CSI, ANZ, Thomson Locations: HONG KONG, BEIJING, Tianjin, China, Hong Kong, Beijing, Shanghai, Bengaluru

☆ Morning Bid: Asia mood lifts as China's small steps add up
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 24, 2023. There was also much relief at Country Garden's deal with creditors for an extension on onshore debt payments worth 3.9 billion yuan ($537 million). As a result, Chinese blue chips are up another 1.2% on top of last week's 2.2% rally. Companies are holding an astonishing 555 trillion yen ($3.80 trillion) of earnings in reserve, which is more than the entire 447 trillion market capitalisation of the Topix. The market also foresees 107 basis points of easing next year, up from around 90 basis points early last week.

Persons: Wayne Cole, Treasuries, Cash, Christine Lagarde, Frank Elderson, Philip Lane, Fabio Panetta, Edmund Klamann Organizations: REUTERS, Staff, Nasdaq, Fed, Washington Post, Thomson Locations: Frankfurt, Germany, Wayne, China

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. She noted that Country Garden and other developers face payments for sizeable maturities this year. In the deal reached after a vote on its proposal late on Friday, Country Garden is now allowed to repay the onshore debt in instalments over three years, instead of meeting its obligations by Sept. 2. After that, the creditors said they expect Country Garden to enter into restructuring negotiations for its entire offshore debt to avoid a "hard default", similar to what it did with the onshore creditors. Country Garden did not immediately respond to a request for comment.

Persons: Aly, Tara Hariharan, haven't, Qi Wang, Xie Yu, Joe Cash, Sumeet Chatterjee, Edwina Gibbs Organizations: Shanghai Country Garden, REUTERS, HONG KONG, HK, Management, Thomson Locations: Shanghai, China, HONG, New York, Hong Kong, Carolina, Beijing

U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. "China is making it more difficult," Raimondo told CBS's Face the Nation. "I was very clear with China that we need to - patience is wearing thin among American business. "They suggested that they didn't know about it and they suggested that it wasn't intentional," she told CNN. And certainly they're having real, real significant challenges in the real estate sector," she told Face the Nation.

Persons: Gina Raimondo, Aly, China, Raimondo, CBS's, " Raimondo, Diane Bartz, Phil Stewart, Mary Milliken, Deepa Babington Organizations: Boeing Shanghai Aviation Services, Shanghai Pudong International Airport, REUTERS, Garden Holdings, WASHINGTON, . Commerce, CNN, HK, Thomson Locations: Shanghai Pudong, Shanghai, China, Washington, Canada, Mexico, Beijing, Southeast Asia, U.S

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