BEIJING, CHINA — Debt-saddled Chinese property giant Country Garden said Tuesday that it did not expect to meet all of its offshore payment obligations in time as it battles to avoid default.
In a note shared on the Hong Kong Stock Exchange website, the firm said it “expects that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods”.
“Such non-payment may lead to relevant creditors of the Group demanding acceleration of payment of the relevant indebtedness owed to them or pursuing enforcement action,” the firm warned.
The firm also said it had not been able to repay a debt of HK$470 million (US$60 million).
It went on to ask “for patience from creditors” as it seeks to “assess the current challenges”.
Country Garden — one of China’s biggest property developers — had racked up debts estimated at 1.43 trillion yuan (US$196 billion) by the end of 2022.
Its cash flow problems have ignited fears that it could collapse with consequences for China’s economy, which is already suffering from record-high youth unemployment, flagging consumption and a broader crisis in the real estate sector.
Redditors urge MOE for balanced, bias-free teaching on Gaza conflict in CCE lesson
Shanmugam: Singaporeans involved in foreign politics must declare under FICA
Hong Kong media advocates urge Govt to reconsider legislation impacting press freedom
Pritam Singh calls for interest-free SkillsFuture loans to boost training
Pritam Singh: PAP Govt adopts WP proposals in Budget 2024
Leong Mun Wai: Transforming social assistance with PSP’s empowerment approach
Singapore to amend GST Act after Govt agencies’ errors in fee charges
Leong Mun Wai advocates for public asset disclosure among key office holders
Hazel Poa: Majority relying on Govt grants for living costs signals unhealthy situation
Man set himself on fire at Israeli Embassy in Washington protesting Gaza genocide
A calculated exit? Leong’s strategic resignation unpacked
M’sian ex-lawyer speaks out for Singaporean parents over MOE’s controversial CCE lesson
Politics4 days ago
Leong Mun Wai steps down as PSP Secretary-General over POFMA directive received
Featured2 weeks ago
PA surveys community & govt confidence amid pending general election
Singapore3 days ago
Gilbert Goh challenges MOE on Israel-Hamas classroom narrative
Comments2 weeks ago
PAP Marcus Loh accuses WP’s MP of alleged dishonesty on debate about reserves
Civil Society2 weeks ago
Singaporeans stand firm in support for Palestine amidst police scrutiny
Singapore1 week ago
Kenneth Jeyaretnam issued 6th POFMA direction over Ridout Road saga
Civil Society2 weeks ago
At least 9 individuals summoned by police over Palestine solidarity activities on 2 Feb
Community2 weeks ago
Connectivity struggles in Tengah town prompt online user discussion