Chinese real estate developer Country Garden is moving forward with asset sales both domestically and internationally following its offshore loan default by listing its 450 million pound ($570 million) residential development in East London for sale.
Property agent Knight Frank said that it had been chosen by Country Garden subsidiary Risland UK to promote the 1,000-home Calico Wharf development in the city’s Poplar neighborhood, where work is still ongoing.
Laptops 1000The biggest private real estate developer in China, Country Garden, is one of several developers suffering from the country’s real estate crisis, which started in mid-2021 as a result of government attempts to control high debt levels.
After the company missed payments on $11 billion worth of offshore bonds in October, it is currently working on an offshore debt restructuring. The repayment terms for its onshore notes have also been extended.
As the world’s most indebted property developer, China Evergrande Group was ordered to liquidate this week by a Hong Kong court after its restructuring talks with creditors failed, the market is keenly monitoring its reorganization process.
In addition to having residential and commercial space, the UK project has planning authority for multiple buildings, including a tower with up to 23 stories, according to a statement from Knight Frank.
Laptops 1000Along with agreeing to sell its share in its previous Australian project, Country Garden has also listed properties in Guangzhou, China, for sale to raise 3.8 billion yuan ($530 million).
