The Chinese Country Garden was given a second chance to post bail. It failed.

The Chinese Country Garden was given a second chance to post bail. It failed.

Chinese real estate giant Country garden missed a final deadline to pay interest on a dollar bond, capping a remarkable fall from grace for a company that was once considered one of the nation’s safest developers.

The company failed to pay $15.4 million in interest on an outstanding dollar bond, according to two investors who hold the bond. This could lead to a wave of cross-defaults on its other international debts. Country Garden had about $15.2 billion in international bonds and loans outstanding at the end of June, according to its public disclosures.

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With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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