China Real Estate Giant Country Garden reports that it will formulate an overseas debt restructuring plan at the end of the year and formally negotiate with overseas bond holders in February or March next year.
Reuters on Friday (November 10) quoted two sources to make the above statements.
Sources also revealed that Country Garden will also notify its cash flow forecast to major bond holders at the end of this year as one of the basis for formulating the reorganization plan.
As of the end of June this year, Country Garden's liabilities were 1.4 trillion yuan (about S $ 265.3 billion).This housing company, which was in a financial predicament, missed the final period of paying $ 15 million (about S $ 20.35 million). The market believes that it has a total of about $ 11 billion of offshore bonds facing the risk of breach of contract.
Reuters previously quoted sources as saying that the Chinese government demanded that the insurance industry giant China Ping An Insurance Group holds the country's largest housing company Country Garden, which is in debt dilemma.China's Ping An on Wednesday (November 8) responded that the relevant reports were completely inconsistent with the facts.
