A key bondholder group of Country Garden Holdings (2007), one of China’s most closely watched developers ensnared in the broader property crisis, isn’t on board with restructuring terms unveiled Thursday, people familiar with the matter said.
The new proposals by Country Garden aren’t supported by the so-called ad hoc group, which holds more than 30 percent of the developer’s outstanding US$10.4 billion (HK$81.12 billion) of notes, according to the people.
Discussions with the builder, which started in November, slowed down in the final week of December due to disagreement over restructuring terms including on topics such as the conversion prices of mandatory conversion bonds and debt payment dates, the people said.
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