Country Garden’s founding family recently provided a $300 million interest-free loan to the struggling Chinese real estate developer. The family is also trying to sell their private jet, Chinese online news agency The Paper reported on Friday.
Citing insiders, The Paper reported that the family is trying to shore up liquidity at China’s largest private real estate developer, which has missed coupon payments on some dollar bonds since last month but has not defaulted.
Another online news portal, Cailianshe, had previously reported that founder Yeung Kwok Keung had already sold a new jet and was trying to sell another.
Country Garden declined to comment.
The company warned this week that it was unable to meet its foreign debt obligations. This potentially joins the growing list of Chinese construction companies that have defaulted, paving the way for one of the country’s largest debt restructurings.
Country Garden’s 30-day deadline to make the missed coupon payments will expire next week.
A video posted on Country Garden’s official Wechat account on Friday shows Yeung and President Mo Bin inspecting a construction site near the company’s headquarters in Shunde, Guangdong Province, two days ago.
The Wechat posting also quotes the company’s chairwoman, Yang Huiyan, Yeung’s daughter, as saying in a monthly internal meeting this week that Country Garden will ensure the completion of houses and business operations and expand its business in high-tech Building needs to be expanded.
2023-10-13 09:37:37
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