Immo-Krise in China: Gläubiger erteilen chinesischer Immobilienfirma Country Garden erneut Aufschub
Country Garden, the troubled Chinese real estate developer, can reportedly postpone the repayment of onshore bonds. Creditors have agreed to extend the repayment deadline for six out of eight bonds issued in China, totaling $1.48 billion, by three years. This information was reported by Reuters, citing two sources familiar with the matter. Country Garden has not responded to Reuters‘ request for comment.
At the beginning of the month, the company was able to avoid a last-minute payment default by extending the repayment deadlines. Country Garden is burdened with a debt of approximately 178 billion euros. Within the next twelve months alone, liabilities amounting to nearly 14 billion euros will become due. This is in contrast to liquid assets of less than 13 billion euros.
Country Garden is considered one of the most significant construction companies in the country and employs tens of thousands of people. The magazine „Forbes“ ranks the corporation among the top 500 largest companies globally. Country Garden’s CEO, Yang Huiyan, was recently the wealthiest woman in Asia. The company was once financially stable but, like many competitors, was affected by the crisis in China’s construction sector.