China property: Country Garden seeks extension for US$14.1 billion debt overhaul

Country Garden Holdings, formerly China’s top property developer by contracted sales, will appear in a Hong Kong court on Monday to request more time to progress its $14.1 billion offshore debt restructuring.

The company has reportedly gained backing from creditors representing over 70% of its debt.

However, as of May 22, key bank lenders had yet to sign on, according to media reports.

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I’m not sure this saga will ever end!

This article was written by Eamonn Sheridan at www.forexlive.com.