Zhī tōng cáijīng APP news, Country Garden (02007) announced that on June 24, 2024, the company received a resumption guidance from the Stock Exchange: publish all unpublished financial performance in accordance with the listing rules, and handle any review amendments; prove that the company complies with article 13.24 of the listing rules; and disclose all material information to the market so that the company's shareholders and other investors can evaluate the company's status.
In accordance with rule 6.01A(1) of the listing rules, the Stock Exchange can delist securities that have been suspended from trading for a continuous period of 18 months. In the case of the company, the 18-month deadline will expire on October 1, 2025.
It is reported that, from January to May 2024, the group, together with its joint venture and associates, achieved a cumulative contract sales amount of approximately RMB 21.65 billion attributable to the shareholders of the company, and a cumulative contract sales area of approximately 2.248 million square meters that are attributable to the shareholders of the company. The group will continue to focus on the completion, delivery and sales performance of property projects, and ensure the stable and sustainable operation of the group by improving operational efficiency, strengthening cash flow management, and striving to optimize the asset-liability structure.
In addition, the company is actively exploring all feasible overseas debt restructuring options with the creditor group and its advisors, including the coordination committee representing the bank creditors and the ad hoc group representing the bondholders, in order to advance a comprehensive debt restructuring plan that can establish a sustainable capital structure for the group, ensure the long-term development of the group, safeguard the rights and interests of all stakeholders, and ensure fair treatment of all creditors.
The company continues to provide regular feedback on due diligence requests from the ad hoc group and the coordination committee's advisors. In particular, the company and its advisors hold regular meetings with the advisors of the coordination committee and the ad hoc group to formulate key commercial terms for a comprehensive restructuring solution that takes into account the company's debt repayment capacity after restructuring. As of the date of this announcement, work on the comprehensive restructuring plan is ongoing.