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Keyword: chapter15

Chinese developer Country Garden says it can’t meet debt payment deadlines after sales slump

10/10/2023 11:34:38 AM PDT · by george76 · 11 replies
ap ^ | October 10, 2023 | ZEN SOO

Chinese property developer Country Garden warned Tuesday that it cannot repay on time a 470 million Hong Kong dollar ($60 million) loan in the latest sign of distress after Beijing clamped down on mounting debts in the industry. The company said in a filing to the Hong Kong Stock Exchange that it “expects that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods,” including U.S. dollar notes the firm has issued. The company said its sales were under “remarkable pressure.” Country Garden earlier had been hailed as a...

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