2023-08-30 16:56:53
Construction site of the real estate developer Country Garden in Tianjin
The company is currently struggling with its creditors to restructure its debt.
(Photo: Reuters)
Dusseldorf Foreign creditors of Country Garden are apparently preparing for a possible debt restructuring of the struggling Chinese real estate group. They had obtained legal advice from him, said lawyer John Han from the law firm Kobre & Kim on Wednesday. The options discussed include the formation of an interest group in order to have a better negotiating position with the group.
Country Garden specializes in small town real estate. For a long time, the developer was comparatively solvent, but got into difficulties in the course of the escalating real estate crisis in China. Since then, the company has been struggling with its creditors to restructure its debt.
Country Garden now has debts equivalent to 178 billion euros. According to Han, three quarters of this sum comes from foreign donors. According to Country Garden, there are currently hardly any free funds for debt service because a large part of the money is in escrow accounts to pay construction companies for the completion of real estate.
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