Beijing narrowly escapes having to cover the debts of developer Country Garden as it scrounges up a $9 million interest payment
Yet the payments due last week were for bonds issued under a Chinese scheme where state-owned financial institutions guaranteed debt issued by a handful of major private developers, including Country Garden. About 33.7 billion yuan ($4.6 billion) of bonds have been issued under the scheme, according to Bloomberg. If the beleaguered developer failed to pay …