A US bankruptcy judge delayed recognition of Chinese real estate developer Country Garden Holdings Co.'s Hong Kong restructuring plan that aims to cut at least $10 billion in debt, citing concerns about where the firm is based.
Country Garden needs to prove that its true “nerve center” is Hong Kong, Judge Philip Bentley of the US Bankruptcy Court for the Southern District of New York said at a hearing Monday. The delay comes as the company is going through one of China’s largest restructurings amid a real estate crisis that sparked record defaults.
The real estate estate developer made conclusory ...
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