(Bloomberg) -- Country Garden Holdings Co., the Chinese property developer at risk of defaulting, is planning to issue HK$270 million ($34.4 million) of new shares to pay off loans as it faces a cash crunch. Most Read from BloombergCitadel Vets 69,000 Intern Applicants to Find Next Math GeniusesPutin Agrees to Visit China in First Trip Since Arrest WarrantWhat to Do With a 45-Story Skyscraper and No TenantsStocks Up Most Since June as Fed Bets Sink Yields: Markets WrapCrypto Scores Landmark US L
The Foshan-based company will issue about 350.6 million shares at HK$0.77 each, according to a statement to the Hong Kong stock exchange.
Once China’s largest developer by sales, Country Garden’s latest effort to pay off its borrowings through share sales underscores the stress the company is facing. Its debt crisis threatens to be worse than when peer China Evergrande Group defaulted as it has four times as many property projects. Country Garden has missed interest payments on some dollar bonds and warned of “major uncertainties” about note redemptions. The company is expecting a first-half loss of as much as $7.6 billion, it warned ahead of earnings that are scheduled to be announced on Wednesday.
The company faces a series of key dates in coming weeks. Holders of a yuan bond are scheduled to vote this week on its plan to extend payment of a bond effectively due Sept. 4. Country Garden has proposed a grace period of 40 calendar days, as the developer seeks to avert its first default.The developer also faces the end of grace periods to pay a combined $22.5 million of dollar-note coupons in early September.
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