The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Chan Ka Sing
HONG KONG, Jan 10 (Reuters Breakingviews) - The property developer, once China’s largest by sales, is offering a 90% haircut as an option to restructure $16 bln of offshore bonds. Acceptance would imply creditors have given up hope that the government is about to put more substantive policies in place to boost home prices.
Full view will be published shortly.
CONTEXT NEWS
Country Garden on Jan. 9 offered creditors several options for restructuring $16.4 billion of offshore debt. These include taking a 90% haircut or receiving new debt instruments maturing in 11.5 years.
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on CHAN/ KaSing.Chan@thomsonreuters.com))
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