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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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