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On Monday, a lawyer for Country Garden, once China’s biggest developer, told a Hong Kong court the company expects to reach terms with creditors next month regarding the restructuring of $16.4 billion in offshore debt.
The stock had been suspended from trading since April 2 pending the publication of its 2023 full-year and 2024 interim financial reports after it defaulted on $11 billion of offshore bonds in late 2023.
That default deepened a debt crisis in an economically crucial property sector that had seen defaults by major peers including China Evergrande Group.
Guangdong province-based Country Garden has now been granted an adjournment until May 26 in a court hearing held to gauge the extent to which its debt restructuring is proceeding ahead of a decision on a liquidation petition.
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Shares of Country Garden, one of the country’s top developers during the boom years, were up 11% in early trade on Tuesday at HK$0.54, compared with its last trading price of HK$0.485 before the suspension in April.
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