Country Garden, a prominent Chinese property developer, has denied rumors suggesting that its top executives have fled the country amid a potential financial collapse. These rumors have had a significantly negative impact on the company, especially during the challenging period it is currently facing.
To address these speculations, Country Garden recently released a statement on its WeChat social media account aimed at reassuring investors and creditors. The statement confirmed that the company’s founder, Yang Guoqiang, and chairwoman, Yang Huiyan, are actively working in China and performing their duties as usual.
This statement came just in time as the company faced a critical deadline to make a $15 million interest payment on an overseas bond. Failure to meet this payment would lead creditors to declare Country Garden in default, adding to the already heavy debt burden the company is carrying.
Country Garden is currently grappling with a severe downturn in property sales in China, making its survival uncertain. To mitigate its financial challenges, the company has resorted to selling assets and shares in order to raise funds to meet its debt obligations.
The situation at Country Garden sheds light on the deepening property crisis in China. The company’s struggle to avoid collapse highlights the broader challenges faced by the real estate market in the country.
As a leading property developer in China, Country Garden’s resilience and ability to navigate through this crisis will be closely watched by investors, creditors, and industry experts. The company’s efforts to reassure stakeholders about the commitment and presence of its top executives sends a positive signal, but the path to recovery remains uncertain.
In conclusion, Country Garden denies rumors of its executives fleeing the country and strives to address the negative impact caused by these speculations. The company’s statement, confirming the active presence of its founder and chairwoman, comes at a crucial time as it faces a potential default on an overseas bond payment. The challenges faced by Country Garden mirror the wider property crisis in China, underlining the urgent need for solutions to address the deepening downturn in the real estate market.
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