Real Estate Giant on the Brink of Bankruptcy! Owes Massive Debt of 6.4 Billion and Urgently Selling Mainland Shares for Fundraising

Reported 10 months ago

Real estate market crisis has led to over 4,000 construction companies bankrupting worldwide in just a year, including major Chinese real estate giant Country Garden facing a debt of 6.4 billion New Taiwan Dollars that they cannot repay, pushing them to seek liquidation and selling shares worth up to 9 billion New Taiwan Dollars to save the group. The situation arose from defaulting on 225 million USD (approximately 7.2 billion New Taiwan Dollars) bond interest payments last year, causing a financial panic and dropping stock prices to historic lows, with a court hearing on July 29 for imminent closure. The company's efforts to optimize the asset-liability structure include selling shares in a storage technology company to raise approximately 2 billion Chinese Yuan (around 9 billion New Taiwan Dollars); however, failure to improve cash flow may result in imminent bankruptcy for Country Garden.

Source: YAHOO

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