Reality check, as Country Garden sells down a barely started Australia project

The"masterplanned community" of Wilton Greens that has promised buyers shady, tree-lined streets, sporting fields, bike paths, parks and a new local school is one of a string of stalled overseas developments the cash-strapped Chinese property giant is now seeking mostly to offload as it scrambles to pay creditors.

The development about 82km from the city's central business district is 15km from the nearest public high school, which is full, while the nearest ambulance, hospital and commuter rail services are more than a 20-minute drive away. A lack of sewer services means effluent will have to be piped to a communal tank and driven away daily in trucks until at least 2026.

That has left Country Garden, once China's biggest private developer, which on Wednesday reiterated it was unlikely to meet all of its offshore debt repayments amid liquidity problems, trying to sell a project that is barely started and mired in uncertainty. To be sure, the problem is not unique to Country Garden, with local governments around Australia struggling to supply essential infrastructure for outer suburban developments as buyers priced out of inner areas look to options further afield.

Country Garden Australia CEO Guotao Hu said in a statement the company's Australian assets"continue to perform well, in line with normal market behaviour and as planned".

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Country Garden's entire offshore debt to be in default if Tuesday payment not madeHONG KONG: Country Garden's entire offshore debt will be deemed to be in default if China's largest property developer fails to make a US$15 million coupon payment on Tuesday (Oct 17), the end of a 30-day grace period.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Country Garden's entire offshore debt goes into default if Tuesday payment not madeHONG KONG — Country Garden's entire offshore debt will be deemed to be in default if China's largest private property developer fails to make a US$15 million (S$20.6 million) coupon payment on Tuesday (Oct 17), the end of a 30-day grace period. Non-payment of this tranche is set to trigger cross defaults in other bonds as is standard in bond...
Source: asiaonecom - 🏆 10. / 59 Read more »

China's Country Garden offshore debt default loomsSYDNEY : Country Garden Holdings, China's biggest private property developer, is hours away from defaulting on its $11 billion in overseas debt, yet to make a coupon payment due on Wednesday to its bond investors.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Country Garden default looms as grace period expires for debt paymentA default by Country Garden would deepen the crisis roiling China's property sector. Read more at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »

Country Garden default talk swirls as offshore debt deadline passesHONG KONG: A Country Garden US$15 million coupon payment deadline has expired without a word of payment, fuelling expectations that China's biggest private property developer has de
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »