SHANGHAI – Country Garden Holdings, the Chinese property developer at risk of defaulting, is planning to issue HK$270 million of new shares to pay off loans as it faces a cash crunch.
Once China’s largest developer by sales, Country Garden’s latest effort to pay off its borrowings through share sales underscores the stress the company is facing. Its debt crisis threatens to be worse than whenThe move signals “very tough liquidity” for Country Garden, said Raymond Cheng, head of China and Hong Kong research at CGS-CIMB Securities.
The company faces a series of key dates in coming weeks. Holders of a yuan bond are scheduled to vote this week on its plan to extend payment of a bond effectively due Sept 4. Country Garden has proposed a grace period of 40 calendar days, as the developer seeks to avert its first default.
Source: News Formal (newsformal.com)
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