Country Garden Holdings Company Limited (CTRYF)
- Bloomberg
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- South China Morning Post
China's Country Garden looks to sell stake in chip maker CXMT as winding-up adjourned
Defaulted Chinese developer Country Garden Holdings is looking to dispose of a stake in chip company ChangXin Memory Technologies (CXMT) via its venture capital arm, as it struggles to pare assets and work out its debts amid slumping home sales. The company also received seven weeks of breathing room on a liquidation hearing in a Hong Kong court. Country Garden Venture Capital, an investment unit of Country Garden that was founded in 2019, is planning to dispose of its undisclosed stake in CXMT,
- Reuters
Country Garden's Hong Kong liquidation hearing further adjourned to July
Embattled Country Garden said in a filing on Thursday the Hong Kong High Court had further adjourned a hearing of a petition seeking liquidation of the Chinese property developer to July 29. The hearing was originally adjourned to June 11 from May, as Country Garden had requested more time to prepare evidence. If Country Garden is able to present progress on the debt restructuring talks with its offshore creditors, it would help the developer push back against the liquidation petition.
