Country Garden's defaulted debts jump by 4.58 billion yuan in five months

Country Garden's (2007) defaulted debts jumped by 4.58 billion yuan (HK$5.08 billion) in just five months, according to a filing on Sunday. 

The Chinese developer said the increase in defaulted borrowings from June to November was due to overdue payment of principal or interest, the involvement in litigation, non-performance and the triggering of cross-default clauses. 

It was also newly involved in 109 pending litigation and arbitration cases as of November from June, each with a disputed amount of over 50 million yuan, totaling approximately 21.1 billion yuan. 

The matters may have certain adverse effects on the company, Country Garden said, adding that it is currently engaged in discussions and negotiations with relevant organizations to seek settlements.

It will actively implement appropriate countermeasures in accordance with the latest developments of these matters, fully safeguard the legitimate rights and interests of the company and its stakeholders, and fulfill its information disclosure obligations in compliance with relevant regulations, the filing said.