Country Garden makes progress on bond extensions

Chicago, Sept. 20 – Country Garden Holdings Co. Ltd. reported progress in noteholder meetings in August and September in announcements on Wednesday.

Bondholders passed an extension by resolution at a Sept. 1 meeting on H16 Bi Yuan 5, a 2016 non-publicly issued corporate bond.

On Sept. 12, Country Garden Real Estate Group Co., Ltd. bondholders similarly allowed the company to extend seven bonds (bond codes: 163015.SH, 175214.SH, 175366.SH, 149407.SZ, 149509.SZ, 149632.SZ and 149748.SZ).

Guangdong Giant Leap Construction Co., Ltd. held a meeting on Sept. 18 and the H16 Teng Yue 2 bond (bond code: 136780.SH) has been extended.

The payment of principals and interest has been adjusted.

There has also been an increase in credit enhancement guarantee measures.

The company said that the extension could alleviate liquidity pressure on the company, improve its overall financial position and stabilize production and operation of the company.

The bonds have been suspended from trading and the suspensions continue.

Country Garden is a Foshan, China, real estate developer.

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