Country Garden Holdings Co.’s sales slump dragged on in August, exacerbating the Chinese developer’s liquidity woes as it battles a wind-up petition.
Contracted sales for August declined 57% from a year earlier to 3.43 billion yuan ($483 million), following a 72% drop in July, according to an exchange filing on Thursday.
The poor sales underscore the challenges facing the distressed real estate giant, which is counting on a turnaround in revenue to appease debt holders and fight off liquidation. Country Garden said on Thursday it is considering a fresh holistic restructuring plan for yuan bonds after struggling to raise cash for delayed debt repayments.
Offshore, the Foshan-based firm said in July that it plans to make the restructuring support agreement publicly available to all creditors by October. Its wind-up hearing in Hong Kong has been adjourned to late January.