Troubled property developer Country Garden is facing worries of a possible debt default. It has also denied claims that its founder and chairman have fled China.
Country Garden founder Yang Guoqiang as well as his daughter and chairman Yang Huiyan are still «working as normal» in China, according to a statement from the property developer responding to online claims that the two had fled the country. Such claims have had «adverse effects» and the firm reserves the right to «pursue responsibility for malicious rumor-mongering».
Guangdong-based Country Garden has an estimated $16 billion of non-yuan debt. On Wednesday, it reportedly missed a $15 million coupon payment without explanation, triggering worries that the group could face its first offshore default.
