The Chinese company had only just resumed trading a month ago, after it was suspended for 17 months for not publishing its financial results. On Sunday, the firm said it was unable to issue new debt as its subsidiary, Hengda Real Estate Group, was being investigated.
China’s Country Garden wins vote on debt to avoid default, says media
BEIJING, CHINA - Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment, narrowly avoiding a potential default, Bloomberg reported on Saturday. One of China's biggest builders, Country Garden had racked up debts estimated at 1.43 trillion yuan ($196 billion) by the end...
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted firm faces a crucial vote to avoid defaulting on a bond repayment. The ratings firm said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly...Country Garden withholds repayment vote
The builder has accumulated debts of more than $150bn.
