{"id":55190,"date":"2023-08-31T04:47:25","date_gmt":"2023-08-31T08:47:25","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/chinas-country-garden-issues-34-mln-new-shares-to-repay-some-debt\/"},"modified":"2023-08-31T04:47:28","modified_gmt":"2023-08-31T08:47:28","slug":"chinas-country-garden-issues-34-mln-new-shares-to-repay-some-debt","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55190","title":{"rendered":"China\u2019s Country Garden issues $34 mln new shares to repay some debt"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com– China\u2019s Country Garden <\/span><\/span> Holdings (HK:) said on Wednesday that it will issue about $34 million in new shares to repay part of its obligations to a creditor, as the beleaguered property developer struggles to restructure its debt amid a growing cash crunch.<\/p>\n

Country Garden said it will issue 350.6 million new shares at HK$0.77 per share for a total value of HK$270 million ($34.4 million). The shares will be issued directly to Ever Credit Ltd, a unit of laminates maker Kingboard Holdings Ltd (HK:), and will be directed towards the partial repayment of a HK$1.88 billion term loan.<\/p>\n

The property developer said the issuance was intended to minimize cash outflows from the firm and improve its gearing ratio.\u00a0<\/p>\n

The shares will be issued at a 15% discount to the stock\u2019s previous close on Tuesday. Country Garden’s shares fell 3% in early Hong Kong trade, compared to a 1.2% rise in the index, of which it is a constituent.<\/p>\n

Wednesday’s issuance comes as the firm grapples with a growing cash crunch. Country Garden flagged a massive loss for the first half of 2023, citing a severe property market slowdown that battered sales and new constructions. The firm is expected to report its first-half results later on Wednesday.\u00a0<\/p>\n

Country Garden is now struggling to maintain enough cash levels to meet its debt requirements, especially after it missed some bond payments in August. This, coupled with the company engaging in debt restructuring talks with its creditors, ramped up concerns over a potential default by the firm.\u00a0<\/p>\n

Country Garden\u2019s shares had slumped to record lows amid concerns over a potential default, although they marked a strong recovery in the recent sessions as the developer undertook more measures to maintain a net positive cashflow.\u00a0<\/p>\n

The firm also said that a $100 billion Malaysian project remained on track.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com– China\u2019s Country Garden Holdings (HK:) said on Wednesday that it will issue about $34 million in new shares to repay part of its obligations to a creditor, as the beleaguered property developer struggles to restructure its debt amid a growing cash crunch. Country Garden said it will issue 350.6 million new shares […]<\/p>\n","protected":false},"author":1,"featured_media":55191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-55190","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nChina\u2019s Country Garden issues $34 mln new shares to repay some debt | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com-- China\u2019s Country Garden Holdings (HK:) said on Wednesday that it will issue about $34 million in new shares to repay part of its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=55190\" \/>\n<meta property=\"og:locale\" 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