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Bond Market News
COGARD Puts London Property for Sale to Raise $570mn
February 1, 2024
Country Garden (COGARD) has put its £450mn ($570mn) residential property in East London up for sale as part of its asset disposal efforts, whilst simultaneously working on an offshore debt restructuring plan. Separately, it has also put properties in Guangzhou city up for sale in an effort to raise RMB 3.8bn ($530mn) and agreed to sell its stake in its last Australian project. These disposals come after it defaulted on $11bn worth of dollar bonds in October and also extended repayments for its onshore notes. Its restructuring plan is being keenly watched out for after its peer China Evergrande was asked to liquidate by a Hong Kong court a few days ago.
COGARD’s dollar bonds are trading at deeply distressed levels of just 7-8 cents on the dollar.
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