Country Garden shares hit all-time low as onshore bond trading suspended.

China’s Country Garden Shares Plunge ‌Amid Debt Restructuring ⁢Concerns

Shares of‌ China’s Country ‌Garden plummeted over 12% on Monday morning ⁣as‌ the real estate company suspended trading in 11 of its onshore‍ bonds. This move follows reports on Friday indicating that the⁤ company is heading ⁤for a debt restructuring, which has added to concerns about the deteriorating outlook in⁢ the property sector.

Markets are jittery as more ​developers default on bond⁢ payments amid no signs of stronger support measures from Beijing.

Country Garden last week missed payments of‍ two dollar bond coupons due on Aug. 6, totaling $22.5 million,‍ confirming market fears that the developer was slipping into repayment troubles.

In separate ⁤filings during the ‍weekend, the firm said the ⁢resumption⁤ of trading of ⁢its​ onshore bonds would be determined at a later date.

(Reporting ‍by Clare Jim; Editing by Muralikumar Anantharaman and Jacqueline Wong)

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