Chinese property giant Country Garden to miss overseas debt payments
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Embattled Chinese property developer Country Garden Holdings Co. said Tuesday it expects to miss upcoming overseas debt payments as its sales have plunged amid a deepening real estate sector crisis in the country.
The company, based in southern China’s Guangdong Province, said in a statement that it has failed to make a due payment of HK$470 million ($60 million), which may lead to some creditors demanding future repayment schemes are accelerated or pursue enforcement measures.
The developer also noted that it has seen a continuous net cash outflow since 2020 and its available funds have conti...