Chinese real estate giant Country Garden, which is deeply trapped in debt dilemma, sells 26.67%of the Guangzhou Asian Games City project to another Chinese real estate agent Zhonghai at a total cost of about 1.291.5 billion yuan (about S $ 240 million).Essence
According to the Southern Metropolis Daily, Country Garden issued a announcement last Friday (August 25) that Country Garden sells the sales equity and related real rights and interests.China Shipping originally held 73.33%of the joint venture company. After the acquisition of Country Garden shares, it will become 100%shareholders.
Country Garden said that the group is actively resolving staged flow pressure.As the group holds a small number of equity in the joint venture, the company believes that the value of sale and realization of sales equity will be beneficial to Country Garden.The proceeds of the sale items are currently mainly used for the construction expenditure of project construction and other projects.
Country Garden admitted that it had encountered "the biggest difficulty since its establishment" and adopted a series of measures such as optimizing layoffs, compressed costs, contraction areas, and suspended land.
On August 10, Country Garden issued a profit warning, and it is expected to have a net loss of about 45 billion to 55 billion yuan in the first half of the year.On August 12, Country Garden announced that more than a dozen domestic companies had suspended their debts.
