Country Garden Holdings Company Limited (CTRYF)
- Bloomberg
Country Garden Begins Court Battle Against Liquidation Threat
(Bloomberg) -- Country Garden Holdings Co. has begun a major legal battle, squaring off in a Hong Kong court against a creditor seeking the liquidation of the defaulted Chinese developer. Most Read from BloombergChina Attempts to End Property Crisis With Broad Rescue PackageWith a BlackRock CEO, $9 Trillion Vanguard Braces for TurbulenceUS Inflation Data Was Accidentally Released 30 Minutes EarlyPutin and Xi Vow to Step Up Fight to Counter US ‘Containment’Jamie Dimon Sees ‘Lot of Inflationary Fo
- Reuters
Chinese property developer Country Garden's Hong Kong liquidation hearing adjourned
A Hong Kong court adjourned to June 11 a hearing of a petition on Friday seeking liquidation of Country Garden, providing a breather to the embattled Chinese developer amid Beijing's efforts to revive the crisis-hit property sector. A Hong Kong firm filed the petition against Country Garden in February for non-payment of a $205 million loan. The developer defaulted on $11 billion of offshore bonds last year and is in the process of an offshore debt restructuring.
- Fortune
Beijing narrowly escapes having to cover the debts of developer Country Garden as it scrounges up a $9 million interest payment
Last week, Country Garden revealed that it had missed an interest payment on onshore bonds guaranteed by a state-owned financial firm.
