Country Garden liquidation hearing delayed to late July, offshore debt restructuring ongoing.

Embattled property developer Country Garden stated in a document on Foreign exchange trading institution rankingThursday that the Hong Kong High Court has further postponed the hearing to liquidate the Chinese developer to July 29.

The company did not provide any reasons for the delay. The hearing was originally scheduled for June 11, having previously been postponed from May as Country Garden needed more time to prepare evidence.

Progress in its debt restructuring negotiations with offshore creditors would help the developer counter the liquidation petition.

Sources say that Country Garden's advisors, interim creditor group, and a consortium of bank lenders are still conducting due diligence to thoroughly examine the developer's balance sheet.

Last year, the developer failed to repay $11 billion in offshore bonds and is currently undergoing an offshore debt restructuring.

Hong Kong-listed conglomerate Beitow Group's subsidiary Ever Credit Limited filed a liquidation petition against Country Garden in February over a $205 million unpaid loan.

According to Reuters, Country Garden informed some offshore creditors in April of its plan to propose a debt restructuring scheme in the second half of this year.

Since April 2, Country Garden's shares have been suspended from trading, pending the release of its 2023 financial report.

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