Country Garden: 2023 default, winding-up petition, trading halt and offshore debt restructuring
Country Garden: 2023 default, winding-up petition, trading halt and offshore debt restructuring: a public-record watch file compiled by Falling Shares Intelligence from filings and exchange disclosures, as of 2026-11-09. Country Garden missed offshore bond payments in 2023; Bloomberg reported in October 2023 that a trustee notice said an event of default had occurred.
From missed dollar-bond payments in 2023 to a court-sanctioned US dollar debt scheme in December 2025 and the dismissal of a liquidation petition in February 2026: what the record shows.
Falling Shares Intelligence, Edited by Wung Thomas, Editor-in-Chief. As of .
Summary
- Country Garden missed offshore bond payments in 2023; Bloomberg reported in October 2023 that a trustee notice said an event of default had occurred.
- A creditor filed a winding-up petition in Hong Kong in February 2024 over a HK$1.6bn loan, which the company said it would oppose; shares were suspended from April 2024 to January 2025.
- A Hong Kong court sanctioned a US$14.1bn offshore restructuring on 4 December 2025, and the petition was dismissed on 16 February 2026.
- Its auditor has issued a disclaimer of opinion over going concern, and the company says it is continuing liquidity measures.
Key figures
| Offshore debt in scheme | US$14.1bn (Per The Standard; other reports cite US$16.4bn and US$17.7bn) |
|---|---|
| Petition loan | HK$1.6bn (Ever Credit petition, Feb 2024; dismissed 16 Feb 2026) |
| Trading suspension | 2 Apr 2024 - 21 Jan 2025 (More than nine months) |
Default, petition and suspension
Missed coupons and declared default
Reports said Country Garden missed coupons totalling US$22.5m on two dollar bonds in August 2023 and then a further coupon. Bloomberg reported on 25 October 2023 that a trustee notice said failure to pay within the grace period constituted an event of default, which would trigger cross-defaults. (Aug - Oct 2023)
Winding-up petition filed in Hong Kong
AP reported that creditor Ever Credit Limited petitioned the Hong Kong High Court to wind the company up over a HK$1.6bn (about US$204.5m) term loan, with a hearing set for 17 May 2024. Country Garden said it would oppose the petition vigorously. (Feb 2024)
Trading suspended pending overdue results
Shares were suspended from 2 April 2024 while the company worked on overdue financial reports, per The Standard. Trading resumed on 21 January 2025, with shares up as much as 11% to HK$0.54 against a last pre-suspension price of HK$0.485. (2 Apr 2024)
Exchange discipline of directors over overdue debts
AFP, as carried by The Star, reported that the Shanghai Stock Exchange had issued disciplinary decisions against the chairman, the co-chairman and the chief financial officer over failure to disclose overdue debts. (Reported Feb 2026)
Restructuring outcomes
Court sanctions offshore scheme
A Hong Kong court approved the offshore restructuring, covering US$14.1bn according to The Standard, with cash payments, convertible bonds and new notes with maturities extended by up to 11.5 years. The effective date was 30 December 2025, per AFP. (4 Dec 2025)
Onshore bond proposals approved
Bloomberg Law reported that bondholders approved restructuring proposals for nine onshore corporate bonds between September and December 2025, and that in April 2026 the company repurchased domestic bonds with RMB3.75bn principal for RMB450m. (Sep 2025 - Apr 2026)
High Court dismisses winding-up petition
AFP reported that a High Court judge dismissed the Ever Credit petition in under a minute, weeks after the offshore scheme took effect. The company disclosed the dismissal in a stock exchange filing. (16 Feb 2026)
Current position
Auditor disclaimer and continuing liquidity measures
Bloomberg Law reported that Country Garden's auditor issued a disclaimer of opinion because of scope limitations tied to the going-concern assessment, and that the company is pursuing asset acquisitions, reserve policies and, where needed, disposals. Contracted sales were RMB11.8bn for January to May 2026. (2026)
Standard
This file compiles court records as reported, exchange filings, company statements and published reporting about Country Garden Holdings Company Limited. Allegations are attributed to those who made them. A creditor's petition is not a finding, and nothing here is a finding of wrongdoing unless a competent authority has made one. The company opposed the winding-up petition, which the High Court dismissed in February 2026 after its offshore scheme took effect; its auditor has nonetheless issued a disclaimer of opinion on going-concern grounds. Individuals are not named unless an official document names them and they are central; otherwise roles are used. This is news coverage for information only, not investment advice.
Right of reply
Country Garden Holdings Company Limited, and anyone named in a record cited here, can send corrections or comments to info@fallingshares.com (or directly to the Editor-in-Chief, Wung Thomas, at wungthomas@fallingshares.com). Material responses will be published alongside the relevant entry.