China Biguiyuan "High Uncertainty in Corporate Bond Repayment"
Chinese major real estate developer Country Garden (Biguoyuan, 碧桂園) has announced significant uncertainty regarding bond repayments, AFP reported.
According to the report, Country Garden stated in a Shanghai Stock Exchange disclosure on the 16th that "there is currently significant uncertainty in the repayment of corporate bonds."
As the largest real estate developer in China by revenue, Country Garden's default risk has increased the possibility of spreading throughout the Chinese real estate and financial markets.
Earlier, on the 10th, Country Garden disclosed that it expects a net loss of 45 billion to 55 billion yuan (approximately 8.2 trillion to 10 trillion KRW) for the first half of the year, and announced that it would suspend trading on at least 10 domestic bonds starting from the 14th.
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According to Bloomberg, as of the end of last year, Country Garden's total debt reached 1.4 trillion yuan (approximately 255 trillion KRW).
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