Country Garden Seeks Fresh Onshore Debt Overhaul as Sales Slump
- Builder says home sales yet to recover, funds being restricted
- Developer has yet to secure enough cash to repay onshore bonds
A Country Garden Holdings Co. development in Foshan, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Country Garden Holdings Co. is considering a fresh holistic restructuring plan for yuan bonds after the Chinese developer struggled to raise cash for delayed debt repayments.
“The company seeks to negotiate a new debt management plan with bondholders to better align with the latest situation in the property market and corporate funding,” Country Garden told Bloomberg News on Thursday. The firm has yet to secure enough cash to repay its onshore bond principal and interest and needs to seek debt extensions, it added.