(Bloomberg) -- Chinese developer Country Garden Holdings Co., one of the world's most-indebted builders, is entering the final hours of a grace period to pay interest on dollar bonds.
The builder that has about $187 billion of total liabilities — and whose worsening cash crunch shook Chinese financial markets — must pay a combined $22.5 million in dollar note coupons within a grace period that ends Sept. 5-6. Failure to do so would allow creditors to call a default, which could risk worse fallout than from China Evergrande Group's in 2021, given Country Garden has four times more property projects.
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Helmed by one of China's richest women, Yang Huiyan, Country Garden goes into this key moment with some wind in its sails. The company's shares, which have traded as a penny stock in recent weeks, surged 14.6% Monday in their best day in six weeks amid a broader rally in Chinese developers sparked by the latest government support for the sector.
The builder also won crucial breathing room in recent days on a maturing yuan note and wired a coupon coming due on a ringgit-denominated bond.
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