Country Garden Services ensures financial independence from sister company

Country Garden Services Holdings

29/08/2023 11:06

HONG KONG, Aug 29 (Reuters) - The sister company of
cash-strapped Chinese property developer Country Garden
 2007.HK  said on Tuesday it will ensure its financial
independence and not engage in any transfer of benefits nor
unnecessary connected transactions.
    Country Garden Services  6098.HK , responding to market
concerns over corporate governance in the property sector, told
an earnings conference it has not used any of its deposits as
collateral or guarantees for its sister company.
    CFO Peng Huang said the firm, however, will assist Country
Garden in ensuring the delivery of homes to buyers. 
    Country Garden, China's largest private developer, sparked
concerns about its liquidity this month after it missed two
dollar coupon payments and sought to extend repayment on an
onshore private bond. 
    
    
    

 (Reporting by Clare Jim; editing by Jason Neely)
 ((clare.jim@thomsonreuters.com;))