Country Garden Looks Set For Debt Restructuring After Admitting It Can’t Repay International Borrowings

China’s distressed property developer Country Garden said it’s unlikely that it will be able to repay all of its international debt as sales have continued to slide amid the country’s broader real estate crisis. The company is now working with advisors in what is likely to be preparations for an eventual debt restructuring. The company has hired China International Capital Corporation and Houlihan Lokey as financial advisors to evaluate its liquidity and capital structure, according to a Tuesday filing to the Hong Kong Stock Exchange. The Foshan-based developer says in...