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Post by account_disabled on Dec 19, 2023 16:48:00 GMT 10
Million shares at HK. each according to a statement to the Hong Kong stock exchange. Country Garden wont receive any cash from the proceeds it said. The stock will be used to set off money it owes to a subsidiary of Kingboard Holdings Ltd. a Hong Kongbased manufacturer. Once Chinas largest developer by sales Country Gardens latest effort to pay off its borrowings through share sales underscores the stress the company is facing. Its debt crisis threatens to be worse than when peer China Evergrande Group defaulted as it has four times as many property projects. The move signals very tough liquidity Mobile App Development Service for Country Garden said Raymond Cheng head of China and Hong Kong research at CGSCIMB Securities. Country Garden has missed interest payments on some dollar bonds and warned of major uncertainties about note redemptions. The company is expecting a firsthalf loss of as much as . billion it warned ahead of earnings that are scheduled to be announced on Wednesday. The shares will be used to offset HK. million that Country Garden owes to Kingboard as part of a loan facility arranged in December . The company faces a series of key dates in coming weeks.
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