China’s biggest developer is pulling out all the stops to ensure it can service its debt, an indication that the industry’s year-long liquidity crunch is worsening even as policymakers pledge support.
Country Garden Holdings Co. is selling stock at a 13% discount to raise HK$2.83 billion ($361 million). Some of the proceeds will be used to repay offshore debt, it said, helping spur gains in the company’s dollar bonds -- held by global investors such as BlackRock Inc. and Schroders Plc.
