Reuters with the report saying that Country Garden's entire offshore debt to be in default if payment is not made on a $15 million coupon payment on Tuesday, the end of a 30-day grace period.
- Non-payment of this tranche is set to trigger cross defaults in other bonds as is standard in bond contracts.
- Lack of payment - which is expected after Country Garden last week warned about its inability to meet offshore debt obligations - would make the firm the latest in scores of Chinese developers who have defaulted.
- Country Garden has nearly $11 billion of offshore bonds and $6 billion of offshore loans.
- Default would set the stage for one of China's biggest corporate debt restructurings.
A confirmed default would be a negative inpout for China trades.
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Country Garden is China's largest property developer.
