Chinese developer Country Garden Holdings is facing its first-ever default and has hired advisers, indicating that the company may be headed for a major restructuring. Country Garden has $11 billion of offshore notes outstanding and has experienced a decline in contracted sales, causing concern about the impact on China's property sector. The company's shares dropped 8.3% on the news. Country Garden has engaged advisers to evaluate its capital structure and liquidity and formulate a solution.
- News Source Indiatimes (Click to view full news): CLICK HERE
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