(Reuters) – Beleaguered property developer Country Garden said on Tuesday it has appointed KPMG Advisory (China) Ltd as its principal financial adviser for its offshore debt restructuring.
Country Garden, China’s biggest private property developer, is among a long list of developers facing a cash crunch since being hit by a debt crisis in mid-2021.
It said it would also establish a cooperation and communication platform with all creditors and jointly develop a holistic solution to address the company’s current offshore debt risks.
The embattled developer will make “unremitting efforts” to ensure deliveries and operations in the process of the offshore debt restructuring, it said.
Earlier in the day, its top management said they expect the property market in China will remain weak in 2024 and the company could face more and “severe” challenges.
(Reporting by Echha Jain and Archishma Iyer in Bengaluru; Editing by Pooja Desai)
