Chinese property developer Country Garden plans deal with creditors, as industry languishes
- Country Garden expects to reach a deal with its creditors in February to restructure billions of dollars in debt, according to the company's lawyer.
- The company defaulted on $11 billion in offshore bonds in 2023 and plans to reduce its $16.4 billion offshore debt by 70%.
- The Hong Kong court adjourned Country Garden's case until May 26 after the company requested more time to negotiate with creditors.
- Country Garden reported a net loss of 178.4 billion yuan in 2023, and the debt-ridden property sector is struggling to recover.
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Total News Sources0
Leaning Left2Leaning Right1Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 22%
C 67%
11%
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