Reuters, Bloomberg, Agence France -Presse, etc., Country Garden is trying to avoid breach of contracts in the situation of the rise in financing crisis and some creditors' opposition.Voting is a key obstacle to it that it needs to overcome.
The vote will be carried out through non -public meetings, which was scheduled to end at 10 pm on Thursday (August 31).Bloomberg quoted a non -public document submitted by Country Garden to the Shanghai Stock Exchange, saying that Country Garden delayed the last period of one day until 10 pm on Friday.
Some creditors told Reuters that they have previously told Country Garden that they will not support the delay of payment.
Gary Ng, a senior economist in the Asia -Pacific region of French Foreign Trade Bank, analyzed that even if Country Garden can debt during the exhibition period, this does not mean that the company and the real estate industry have gone out of trouble, unless housing sales rebound.
Earlier, Country Garden issued a announcement in the Hong Kong Stock Exchange on Wednesday (30th) that the loss of shareholders attributable to the company in the first half of this year was 48.93 billion yuan.The situation continues to deteriorate, and the possibility of debt defaults will occur.
On the other hand, because the worry that Country Garden might be on the edge of the contract, Moody's on Thursday issued a statement that Country Garden's credit rating was lowered from CAA1 to three levels to CA, approaching the institution's minimum rating C level.
Moody's saying that the rating outlook for Country Garden is still negative. Considering that the sales of the next 12 to 18 months and the expiration of a large amount of debt, Moody's believe that Country Garden does not have enough internal cash sources to use the source of internal cash to use it.Copy offshore bonds that are about to expire.??
Moody's statement stated in the statement that the rating and negative outlook for the rating and negative outlook reflect the weaker future recovery prospects of the company's bond holders in the future.Moody's pointed out that although Country Garden can repay debts through asset disposal or other financing, there are high uncertainty in such activities.
