(Bloomberg) -- Chinese developer Country Garden Holdings Co. ramped up warnings that it’s set for its first-ever default and hired advisers, the strongest...
-- Chinese developer Country Garden Holdings Co. ramped up warnings that it’s set for its first-ever default and hired advisers, the strongest indications yet the company is headed for a restructuring that would be one of the nation’s biggest.The builder “expects that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods, including but not limited to those under the U.S. dollar notes issued by the company,” it said in a filing Tuesday.
In a sign that Country Garden’s debt woes are affecting prospective homebuyers’ confidence in the builder, its September sales plunged about 81% from a year earlier. The company said there hasn’t been any material industrywide improvement in property sales, despite efforts by authorities to shore up the market.Distress runs deep at the company, which is one of the world’s most heavily indebted developers with 1.36 trillion yuan of total liabilities.
The announcement comes after people familiar with the matter said late last month that the developer was is in talks with Houlihan Lokey and CICC for both to become financial advisers and put together an offshore-debt restructuring plan.
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