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Country Garden Starts Overseas Debt Restructuring

CHINA PRESS
MNI (Singapore)

Country Garden, China's largest private developer, warned on Tuesday it could not meet offshore debt obligations and kicked off overseas debt restructuring. The company said it will actively promote overseas debt management and formulate overall solutions in a fair manner to achieve a long-term and sustainable capital structure, as it expects liquidity to remain tight in the short- to medium-term given the sales environment has not improved significantly. Earlier, the company’s domestic bonds totaling CNY14.7 billion managed to earn a three-year extension. (Source: 21st Century Business Herald)

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