Country Garden Seeks to Raise Over $500 Million in Asset Sales
Country Garden has been seeking to restructure billions of dollars in offshore debt with investors
Troubled Chinese property developer Country Garden Holdings 2007 4.62%increase; green up pointing triangle is seeking to sell a host of properties in Guangzhou city to raise up to 3.82 billion yuan ($534.5 million), amid its efforts to restructure billions of dollars in offshore debt.
The Foshan-based developer listed a hotel resort, four office towers, one shopping mall, and five apartment buildings for sale on Jan. 19, according to listing records on Guangzhou Enterprises Mergers and Acquisition Services, an asset transaction platform.
Country Garden didn’t immediately respond to a request for comment by Dow Jones Newswires.
Country Garden has been seeking to restructure billions of dollars in offshore debt with investors. The company, which had around $15.2 billion of international bonds and loans outstanding at the end of June 2023 according to its public disclosures, missed a deadline to make an interest payment on a dollar bond in October.
In December, the developer said a unit would sell its 1.79% stake in Zhuhai Wanda Commercial Management Group to raise CNY3.07 billion to restructure offshore debt.