Country Garden Secures Six-Month Reprieve from Bankruptcy

Hong Kong court grants Chinese property giant time to restructure $187 billion in liabilities amid ongoing financial struggles.

The court adjourned the winding-up petition to January 20, 2025, giving Country Garden time to submit a restructuring plan.
Country Garden defaulted on an offshore bond and suspended trading of its shares due to delayed financial results.
The company faces significant pressure to reorganize its debts, with $17 billion in overseas debt and domestic loans.
Other Chinese developers, including Shimao Group and Kaisa Group, are also facing similar financial challenges.
China's property sector is struggling despite a recent government rescue package, with new home prices declining for 13 consecutive months.