Country Garden Makes Coupon Payment to Narrowly Avoid Default

China’s leading property developer, Country Garden, has announced that it made a late interest payment to creditors, cutting it close before the 30-day grace period on August 7 and avoiding a default.

The developer became the main focus last month after it missed coupon payment on two debentures totaling $22.5 million that had been sold in U.S. dollars.

Earlier, China announced further mortgage easing policies nationwide to boost its slumping economy, especially the residential property market. The measure came after the latest development in the property market that saw one of its biggest property developers Country Garden flagging for its first-ever default.