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BUZZ-Country Garden surges on securing support for offshore debt overhaul

Reuters04-11

BUZZ-Country Garden surges on securing support for offshore debt overhaul

** Shares of Chinese property developer Country Garden Holdings 2007.HK surge 8.1% to HK$0.465, on course for the biggest one-day pct gain since February 27

** Stock hits highest since April 3 on the fourth straight session of rise

** Country Garden said it had reached an agreement with creditors holding nearly 30% of its existing offshore bond debt and was close to finalising terms with another group of bank creditors

** The company is now in a restructuring process that aims to cut its $16.4 billion of offshore debt by 70%

** Creditors holding 29.9% of $10.3 billion in bonds had agreed to the plan, company said

** Hang Seng Mainland Properties Index .HSMPI slips 0.5%, Hang Seng Index .HSI eases 0.7%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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Comment（1）

  • neo26000
    ·04-11
    And the surge has turned into a whimper  after 45 mins of trading [Facepalm]  
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