Chinese housing giant, Country Garden, who is deeply trapped in financial predicament, hired KPMG as a financial adviser. The market -eye -catching overseas debt reorganization is expected to be promoted.
Comprehensive Bloomberg and Daily Economic News reports, Country Garden on Tuesday (January 16) stated in the announcement that it has appointed KPMV Enterprise Consultation (China) Co., Ltd. to serve as the main financial adviser for overseas debt reorganization, the companyWith the assistance of various finance and legal consultants, continue to evaluate the group's mobile fund status, establish a cooperation and communication platform with all creditors, and jointly formulate overall plans to comprehensively solve the company's overseas debt risk.
Country Garden's overseas debt defaults last year, and a large number of bonds in the country conducted a overall exhibition period. Its liquidity crisis caused the market to further frustrate the confidence of the prospects of China's real estate industry and the issuer of housing enterprise bonds.
Country Garden Monday (January 15) issued a document on the WeChat account, and the company's expected delivery volume in 2024 is expected to pay more than 480,000 units.Bloomberg reports that this means that this year will decrease by about 20%compared with the delivery volume of houses in 2023.
Mo Bin, president of Country Garden Group, said that Country Garden's challenge this year "may be more severe than we think."
Earlier, Reuters quoted sources last November that Country Garden plans to formulate a preliminary plan before the end of last year to reorganize its offshore debt; however, there was no further news in the future.
Yang Huiyan, chairman of Country Garden Board of Directors, said at the internal meeting held on December 8 last year that in the next 12 months, the delivery challenge will enter the deep water area.huge.According to surging news reports, Yang Huiyan said at the meeting: "The family will definitely smash the iron -selling iron support company, and the company will strive to become a model for the recovery of insurance companies as soon as possible." She said that the company will have three tasks in the next 12 months: insurance delivery, insurance guarantee, insuranceManagement and credit.
In October last year, Country Garden said that China International Financial Hong Kong Securities Co., Ltd. and Walley Anno (China) Co., Ltd. were hired as a financial adviser, and Shengde Law Firm as a legal adviser.
