Country Garden, once viewed as a "model developer", now thinks it'll miss its foreign debt payments, two years after China's real estate crisis began.
In a filing to the Hong Kong Stock Exchange on Tuesday, the developer said that it had not made a payment due on a $60 million loan, denominated in Hong Kong dollars. Worse, Country Garden admitted that it “expects that it will not be able to meet all of its offshore debt payment obligations when due or within the relevant grace periods," including on its U.S. dollar-denominated debt.
