The beleaguered property developer Country Garden announced the appointment of KPMG Advisory (China) as its principal financial adviser for the offshore debt restructuring. Country Garden, identified as China's largest private property developer, is one of several developers experiencing financial strain due to a debt crisis that emerged in mid-2021.
The company further revealed its intention to establish a cooperation and communication platform with all creditors. The objective is to collaboratively devise a comprehensive solution to tackle the existing offshore debt risks faced by the company.
In the midst of the challenges, the troubled developer expressed its commitment to exert "unremitting efforts" to ensure deliveries and operations throughout the process of offshore debt restructuring.
