Overview

• 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.