Country Garden Sells Stake in Zhuhai Wanda for $428M Amid Financial Crisis

Proceeds from the sale will be used for offshore debt restructuring, as the company faces $190 billion in liabilities.

Country Garden Holdings sells its 1.79% stake in Zhuhai Wanda Commercial Management Group for $428 million to alleviate its financial crisis.
The Chinese developer will use the proceeds from the sale for its offshore debt restructuring program.
Country Garden has liabilities of around $190 billion and more than 3,000 projects under development.
The company recently repaid a 800 million yuan bond, averting its first onshore default.
Country Garden's financial crisis comes amid a broader financial crunch faced by multiple property developers in China.