In order to alleviate the debt pressure, Country Garden plans to sell its last project in Australia for 1.1 billion yuan.

Country GardenOverseas assets are being sold one after another.

On January 18th, according to the South China Morning Post,Country GardenAn Australian subsidiary, Risland Australia, has reached an agreement to sell the remaining land held by Sydney and divest part of its interests in the development project in Wilton Greens.

It is reported that Avantaus (formerly known as Sunglow), a Chinese private developer doing business in Australia, has proposed to take over the remaining plots of Wilton Greens for about 240 million Australian dollars (about 1.13 billion yuan).

For that sale of this asset,Country Gardenbe relevantPeople told the interface news that the project is currently being actively approached, and it is expected that the asset sale will be completed in the first half of the year (because the project is paid in installments).Country GardenIn accordance with the relevant disclosure requirements, we will disclose the details of the disposal of Australian projects to investors in a timely manner, and ensure the rational use of disposal funds, and make payments in legal order to ensure fair and just treatment of all stakeholders.

According to public information, Wilton Greens is located in the southwest of Sydney, Australia, with a plot value of about 2 billion Australian dollars (about 9.44 billion yuan). According to the original development plan, the project will eventually deliver 3,600 residential units, with the completion date of 2035, and will accommodate 40,000 residents upon completion.

this timeCountry GardenThe rights and interests sold by Australia include the third to sixth phases of Wilton Greens development project, with a total of about 330 hectares of residential quarters, while the first phase of the project that has been on sale before will continue to be developed by Risland.

This is alsoCountry GardenmostThe second residential project sold in Australia in the past six months.

Last October,Country GardenAustralia sold the remaining land in Windermere, another residential project near Melbourne, to Singapore’s Frasers Property for A $250 million.

The plot is located about 36 kilometers southwest of downtown Melbourne.Country GardenIn 2017, it was purchased at a price of 400 million Australian dollars, setting the largest land purchase record in Melbourne that year. Upon completion, the whole project is expected to accommodate 4,500-5,000 families, equipped with four schools and a shopping village, with a final value of 1.6 billion Australian dollars.

Before the project is sold,Country GardenThe number of houses under construction and delivered in Australia is 750, accounting for about 15% of the overall development plan.

After the Melbourne plot was sold last year, the Wilton Greens plot in Sydney became the news.Country GardenThe last project in Australia. After the completion of this asset sale, it also means thatCountry GardenThe business in Australia came to an end.

Country GardenThe reason for selling overseas assets one after another is to solve the debt problem faced by the company after its liquidity crisis in August last year.

In addition to selling assets in Australia, last DecemberCountry GardenIt also sold the equity of Zhuhai Wanda Commercial Management at a loss, totaling about 3.07 billion yuan. The first money obtained was used to pay the principal and interest of "22 Bidi 02" corporate bonds, avoiding its default in the domestic public bond market.

In terms of debt handling, as of now,Country GardenNine domestic bond extensions have been completed, involving a total principal of about 14.7 billion yuan, and the maturity has been extended by three years as a whole. This isCountry GardenIn a short period of time, it eased some debt pressure.

In terms of overseas debt, according to the enterprise early warning,Country GardenAt present, there are still 15 public US dollar bonds, with a remaining balance of about 9,912.7 million US dollars, of which 2 bonds will mature in the first half of this year, with a total balance of 1.55 billion US dollars, and the pressure of debt service is not small.

Country GardenIt has also accelerated the process of overseas debt restructuring in the near future.

On January 16th,Country GardenAccording to the announcement, it has hired KPMG as the main financial consultant for overseas debt restructuring, promoted overseas debt management measures, and formulated comprehensive solutions to deal with current risks, and appealed to creditors for patience, understanding and support.

After the crisis,Country GardenI’ve been trying to save myself. Since December last year, a series of measures have been implemented, such as reducing the salary of senior executives, reducing administrative expenses, and selling back domestic bonds, in order to "increase revenue and reduce expenditure" to alleviate the liquidity pressure at this stage.

At the 2024 annual work conference held three days ago,Country GardenYang Huiyan, Chairman of the Board of Directors, also said that the family will definitely share the same fate with the company, will work wholeheartedly and sincerely for the development of the company, and is currently trying its best to revitalize its assets.