Business News

Shares of Country Garden set to rise after it sells stake in development

Reuters
Reuters
FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai,

HONG KONG (Reuters) – Shares of Country Garden are set to rise 14.8% on Monday after it sold a minority stake in a mixed development in Guangzhou for 1.3 billion yuan ($178.35 million).

On Friday, it also extended a creditor voting deadline to Aug. 31 to delay repayment for an onshore private bond worth 3.9 billion yuan, a filing seen by Reuters showed.

($1 = 7.2890 Chinese yuan)


(Reporting by Clare Jim; Editing by Jacqueline Wong)

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