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Shares of China's embattled Country Garden (2007) umped as much as 11 percent in resumed trade on Tuesday following a more than nine-month trading suspension to give time for the developer to prepare delayed financial statements for 2023 and 2024.
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On Monday, a lawyer for Country Garden, once China's biggest developer, told a Hong Kong court the company expects to reach terms with creditors next month regarding the restructuring of US$16.4 billion (HK$127.9 billion) in offshore debt.
The stock had been suspended from trading since April 2 pending the publication of its 2023 full-year and 2024 interim financial reports after it defaulted on US$11 billion of offshore bonds in late 2023.
That default deepened a debt crisis in an economically crucial property sector that had seen defaults by major peers including China Evergrande Group (3333).
Guangdong province-based Country Garden has now been granted an adjournment until May 26 in a court hearing held to gauge the extent to which its debt restructuring is proceeding ahead of a decision on a liquidation petition.
Shares of Country Garden, one of the country's top developers during the boom years, were up 11 percent in early trade on Tuesday at HK$0.54, compared with its last trading price of HK$0.485 before the suspension in April.
(Reuters)
