China’s Country Garden makes move to aid debt restructuring

Chinese property giant Country Garden

will sell a stake in a commercial center operator for about US$428 million, using the proceeds to help restructure offshore debt.

The indebted developer said Thursday that a group subsidiary will sell its entire 1.79% stake in Zhuhai Wanda Commercial Management Group for 3.07 billion yuan (US$428.0 million).

Net proceeds of the disposal will be used to restructure offshore debt.

Zhuhai operates 494 commercial centers, including 290 owned by Dalian Wanda.

Country Garden had around US$15.2 billion of international bonds and loans outstanding at the end of June, according to its public disclosures.

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