Major foreign media reported on the 2nd that the private bond repayment moratorium of Country Garden (Biguiyuan), China's largest real estate developer, was approved by the creditors.
According to sources cited by foreign media, at a creditors' meeting held the previous night, the proposal for a repayment moratorium on private bonds worth 3.9 billion yuan (approximately 709.4 billion KRW) of Biguiyuan was passed.
The specific details of this debt restructuring plan have not been disclosed. Previously, Biguiyuan had proposed to creditors a plan to repay the 3.9 billion yuan private bonds maturing on September 2 in installments over three years until 2026.
The vote on this was originally scheduled for the 25th of last month, but the company postponed it to the 31st, and then again to the 1st.
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