Chinese developer Country Garden Holdings missed coupon payments in early August. The ‘grace period’ for the first of these finished up today and tomorrow (September 5 and 6)
- builder has about U$187 billion of total liabilities
- it has a combined US$22.5 million in dollar note interest due within the a grace period that ends September 5-6
- failure to pay the dollar interest within the grace period would allow creditors to call a default
Yuan and China stocks are lower today.