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Country Garden missed a payment on its 5.625% dollar bond due 2026, continuing the woes seen in the Chinese property sector. The developer defaulted for the first time in October 2023 after failing to make a dollar bond repayment at the end of a 30-day grace period. More payments of other developers like Kaisa Group and Powerlong are due over the next few days.
COGARD’s dollar bonds are trading at deeply distressed levels of 8-9 cents on the dollar.