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in Economy

China’s Country Garden prevents worsening of debt crisis with payment

by Editor December 14, 2023, 7:46 pm 1.9k Views

By Jackie Cai

Chinese developer Country Garden Holdings Co. took steps to prevent its debt crisis from worsening, paying off a yuan note ahead of schedule and selling a stake in a mall operator.

The distressed builder’s onshore unit, Country Garden Real Estate Group Co., repaid in full an 800 million yuan ($111 million) bond with a put option that expired Wednesday, it said in a filing to the Shenzhen Stock Exchange. It…

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