Country Garden Services Holdings Company Limited (6098.HK)
- Reuters
Country Garden Services to sell stake in Zhuhai Wanda for $446 million
The sale allows the company to streamline its investments, recover capital, and refocus on its core business operations as part of its planned exit strategy, it said. Once a top developer by sales, Country Garden is undergoing an offshore debt restructuring after defaulting on its $11 billion offshore bonds last year.
- Reuters
Fitch plans to withdraw ratings of Country Garden Services
"Fitch believes that Country Garden Services investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the rating withdrawal," the ratings agency said in a statement on Monday. Fitch had downgraded Country Garden Services to BB+ and placed its rating on negative watch last week.
- Reuters
UPDATE 4-Country Garden on brink of default as payment deadline nears
Country Garden's entire offshore debt will be deemed to be in default if China's largest private property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period. With nearly $11 billion of offshore bonds and $6 billion of offshore loans, a default by Country Garden would set the stage for one of China's biggest corporate debt restructurings, as the country's property sector crisis deepens and drags on economic growth. "I think it’s a really high-profile and visceral reminder of just how bad things are for the developers, but the private-sector developers in particular," said Chris Beddor, deputy director of China Research at Gavekal Dragonomics.
