China’s Country Garden determined to have defaulted on dollar bond: report

Troubled Chinese property developer Country Garden Holdings Co.
2007,

has been declared in default on a dollar bond, missing a $15.4 million interest payment that was due following the expiration of a grace period, Bloomberg reported Tuesday. The report cited a notice to holders of trustee Citicorp International Ltd. that said the missed payment constituted “an event of default.” The payment was originally due Sept. 17, then a 30-day grace period was given, which the developer missed. Citicorp’s parent Citigroup declined to comment to Bloomberg, while Country Garden didn’t respond to a request for comment. A Country Garden official told Bloomberg last week that the developer would not be able to make all of its offshore payment obligations in a timely manner. The Hang Seng
HSI,
+1.10%
rose 1.2% and China’s CSI 300
000300,
+0.56%
rose 0.6% on Tuesday.