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 filing with the Hong Kong Stock Exchange, 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'.
PAY ATTENTION: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.
"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.It promised to develop a"holistic solution in a fair and equitable manner" in repaying its debt obligations. Country Garden -- one of China's biggest property developers -- had racked up debts estimated at 1.43 trillion yuan by the end of 2022.
, which is already suffering from record-high youth unemployment, flagging consumption and a broader crisis in the real estate sector.
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