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Once China’s biggest real estate developer, Country Garden is on the edge. And doubts are growing over whether its 41-year-old major shareholder will dip into her fortune to try to rescue it.
Once China’s biggest real estate developer, Country Garden is on the edge. And doubts are growing over whether its 41-year-old major shareholder will dip into her fortune to try and rescue it.
To some observers, keeping the property magnates in charge ensures that their interests remain aligned with those of bondholders.
(Bloomberg) -- Two years after a crisis erupted at China’s property developers, leaving bills unpaid, homes unbuilt and creditors trying to recover the scraps from defaulted firms, a burning question remains: why are real estate tycoons still owning and running their companies?Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonInstant Pot and Pyrex Maker Instant Brands Files BankruptcyUS Inflation Slows, Giving Room for Fed to Pause Rate HikesPutin’s Eco
The beleaguered company proposes up to US$4 billion in debt-to-equity swaps, plus issuance of dollar-denominated bonds, in a filing to the Hong Kong stock exchange on Friday.