Country Garden Holdings Co. missed a coupon payment on a yuan bond for the first time, according to people familiar with the matter, adding to the woes of the Chinese developer that is now facing a lawsuit seeking its liquidation offshore.
The builder’s main onshore unit hasn’t paid a 96 million yuan ($13 million) coupon that came due on Tuesday for a 4.8% yuan bond maturing in 2026, said the people, who asked not to be identified, citing disclosure rules. There is a 30 trading-day grace period for the payment, before any default could be called, the people added.