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China is grappling with a slowdown that has rattled global markets, with the spotlight now firmly focused on troubled developer Country Garden’s spiralling debt crisis in a sector that contributes to roughly a quarter of the economy
The vote is a key hurdle Country Garden will have to overcome as it strives to avoid default amid a spiraling financing crisis and opposition from some creditors
Offshore creditors are closely watching to see if Country Garden would be able to meet the grace period for the two missed bond coupon payments, which ends on Sept. 5
The liquidity stress in the company became public this month, deepening contagion fears in China’s struggling property sector, and the wider economy