Stocks News
China Country Garden moves to support debt restructuring
China’s real estate giant Country Garden 2007;
It plans to sell its stake in the commercial center operator for about $428 million and use the proceeds to restructure its overseas debt.
The indebted developer said on Thursday its group subsidiary would sell its entire 1.79% stake in Zhuhai Wanda Commercial Management Group for 3.07 billion yuan (US$428 million).
Net proceeds from the sale will be used to restructure foreign debt.
Zhuhai operates 494 commercial centers, including 290 owned by Dalian Wanda.
According to what Country Garden disclosed, as of the end of June, approximately $15.2 billion worth of international bonds and loans remained.
