The embattled Chinese promoter Country Garden said Wednesday that it had obtained approval from its creditors to extend the repayment of seven bonds starting September 12.
The extension may ease the company’s liquidity pressure, Country Garden said in a statement to the Shenzhen stock exchange, adding that it will actively meet its debt repayment obligations.
As of September 15, Country Garden had delivered 381,000 homes in 231 Chinese cities.
Country Grade estimated its debt at about 1.15 trillion yuan (159 billion euros) at the end of 2022, but the figure would be about 1.4 trillion yuan (US$193 billion).
The situation of Country Garden It is a direct consequence of an unprecedented crisis in the real estate sector, a sector that, together with construction, has long accounted for a quarter of China’s GDP.
(News in development)
Source: Reuters
Source: Gestion
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