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Country Garden has remitted funds to repay yuan bond in full -filing

Reuters
·1-min read
Construction site of residential buildings by Chinese developer Country Garden in Tianjin

(Reuters) - Embattled Chinese developer Country Garden Holdings has remitted more than 800 million yuan ($111.42 million) to repay onshore bondholders, a company filing to the Shenzhen Stock Exchange late on Tuesday showed.

Bondholders of a total of 8 million notes, each with a principal of 100 yuan chose to exercise the put option by Nov. 28, while Country Garden has wired funds that fully repaid the principal and interest, the filing showed.

The repayment comes as Country Garden has defaulted on its $11 billion offshore bonds and is working on a plan to restructure the debt.

The company in September won approval from creditors to extend the maturities of eight onshore bonds worth 10.8 billion yuan by three years.

($1 = 7.1799 Chinese yuan renminbi)

(Reporting by Xie Yu in Hong Kong and Gursimran Kaur in Bengaluru, Editing by Louise Heavens)