Chinese property giant Country Garden
2007,
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.
Discover more from Today Headline
Subscribe to get the latest posts to your email.