Chinese property giant Country Garden 2007, +2.60% will sell a stake in a commercial center operator for about US$ 428 million, using the proceeds to help restructure offshore debt.
The indebted developer said Thursday that a group subsidiary will sell its entire 1.79% stake in Zhuhai Wanda Commercial Management Group for 3.07 billion yuan (US$ 428.0 million).
Net proceeds of the disposal will be used to restructure offshore debt.
Zhuhai operates 494 commercial centers, including 290 owned by Dalian Wanda.
Country Garden had around US$ 15.2 billion of international bonds and loans outstanding at the end of June, according to its public disclosures.