China's Country Garden makes move to aid debt restructuring
By Ben Otto
Chinese property giant Country Garden (HK:2007) will sell a stake in a commercial center operator for about US$428 million, using the proceeds to help restructure offshore debt.
The indebted developer said Thursday that a group subsidiary will sell its entire 1.79% stake in Zhuhai Wanda Commercial Management Group for 3.07 billion yuan (US$428.0 million).
Net proceeds of the disposal will be used to restructure offshore debt.
Zhuhai operates 494 commercial centers, including 290 owned by Dalian Wanda.
Country Garden had around US$15.2 billion of international bonds and loans outstanding at the end of June, according to its public disclosures.
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12-13-23 2250ET
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