Shares of Country Garden Holdings Co., one of China's largest property developers, plummeted as much as 6% on Wednesday after the company missed its self-imposed deadline for announcing a debt restructuring plan.
The Hong Kong-listed firm, grappling with a severe liquidity crunch amid the prolonged downturn in China's real estate market, had previously set March 4th as the target date to unveil its strategy for addressing its debt obligations. However, as reported by Bloomberg News, the company failed to meet this deadline, raising concerns among investors about its financial health and ability to navigate the ongoing crisis.
Country Garden's struggle to unveil a debt overhaul plan underscores the challenges facing China's property sector, which has been battered by a slump in home sales, tight credit conditions, and a growing wave of defaults. The company's failure to meet its own deadline has fueled fears that its financial woes may be more severe than anticipated, prompting investors to offload shares and sending the stock tumbling.
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