© Reuters. FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo
LONDON (Reuters) – Credit distress at Chinese private developer Country Garden is likely to spill over to the country’s property and financial markets, weakening sentiment and delaying the recovery of the property sector, Moody’s (NYSE:) Investors Service said on Friday.
Country Garden on Tuesday said it had not paid two dollar bond coupons due on Aug. 6 totalling $22.5 million.
The developer’s shares and bonds dropped to record lows on Friday, deepening concerns about the property sector outlook in the absence of stronger support from Beijing.
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