Country Garden Holdings, a troubled property developer based in Foshan, China, is looking to sell several properties in Guangzhou city for up to 3.82 billion yuan ($534.5 million). This move comes as the company aims to restructure its offshore debt, which amounts to billions of dollars.
Listings records on Guangzhou Enterprises Mergers and Acquisition Services, an asset transaction platform, show that the properties for sale include a hotel resort, four office towers, one shopping mall, and five apartment buildings. However, Country Garden has yet to comment on this matter.
In its efforts to tackle its offshore debt, which stands at around $15.2 billion in international bonds and loans as of June 2023, Country Garden has been working with investors on debt restructuring. However, the company missed the deadline for an interest payment on a dollar bond in October last year.
To further support its debt restructuring efforts, Country Garden recently announced that one of its units will be selling its 1.79% stake in Zhuhai Wanda Commercial Management Group for CNY3.07 billion.