China’s largest real estate developer, Country Garden, which is in debt crisis, hurriedly put up its assets worth 1.291.5 billion yuan in Guangdong Province for sale to secure funds to resume suspended apartment construction.
The Central News Agency said on the 27th that Country Garden announced in an announcement on the 25th that it would sell a 26.7% stake in Guangzhou’s Asian Olympic facilities and related rights.
The media pointed out that Zhonghai holds a 73.33 percent stake in the Asian Olympic facility, and that if the company takes over the remaining stake in Biguiyuan, it will become a 100% sole investor.
Country Garden said it is actively trying to ease the phased liquidity pressure for its debt, adding that it plans to mainly inject the funds acquired from the sale into construction costs such as guarantees for delivery of apartments for sale.
Due to the slump in the Chinese real estate market, large real estate developers have been defaulting.
Country Garden estimated on the 10th that its net loss in the first half of this year reached 45 billion yuan to 55 billion yuan.
In a related development, Country Garden stressed that they would urgently take four self-rescue measures to secure liquidity, accelerate refunds, accelerate bond collection, and expand funding to revitalize sediment assets.
