Country Garden May Spin Off Unit, Issue Bonds in Hunt for Cash
ByCountry Garden Holdings Co., controlled by China’s second-richest woman Yang Huiyan, is considering spinning off its property-management business, joining other Chinese developers exploring ways to raise cash.
The company, based in Foshan in southern China, also plans to sell 6 billion yuan ($966 million) of onshore three-year bonds and is on track to spin off its hotel assets, Chief Financial Officer Wu Jianbin said.
Chinese developers are moving to shore up their balance sheets amid a pickup in property sales via listings of separate units or by bringing in major equity investors. Evergrande Real Estate Group Ltd. said earlier this month it applied to list its soccer club and entertainment group on an exchange for smaller firms to raise cash…
Country Garden May Spin Off Unit, Issue Bonds in Hunt for Cash
