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Source: Securities Times

Country Garden’s latest statement.

On July 31, Country Garden released a statement on its WeChat account, saying that the company had recently noticed a video about a company executive spreading rumors online, and that relevant network entities maliciously fabricated and spread false content in order to gain traffic. The company has reported the case to the public security authorities. The company will take all necessary measures to fully safeguard the legitimate rights and interests of the company and its employees.

Previously, a video claiming that a senior executive of Country Garden was "selecting a concubine" circulated online.

Winding-up petition hearing postponed to January 2025

On July 29, the Hong Kong High Court opened a hearing on Country Garden's liquidation petition. The court has now ruled in favor of Country Garden to further postpone the lawsuit to January 20, 2025, to provide time for the company and its creditors to negotiate a comprehensive overseas restructuring plan.

In June this year, Country Garden announced that the Hong Kong High Court had issued an order to further postpone the hearing of the winding-up petition to July 29, 2024. According to the announcement, Country Garden Holdings Co., Ltd. announced the "Announcement on the Winding-up Petition by Country Garden Holdings Co., Ltd." on February 28, 2024. It is reported that the petitioner Ever Credit Limited (Kingboard Group) filed a winding-up petition against the company with the High Court of the Hong Kong Special Administrative Region on February 27, 2024, which concerns the unpaid term loan and accrued interest of approximately HK$1.6 billion between the petitioner (lender) and the company (borrower). In response, Country Garden stated that it would strongly oppose the winding-up petition.

Yang Huiyan: Maintain confidence and perseverance and do a good job in securing the delivery of housing

On June 5, Country Garden announced that it achieved a total contract sales of 4.29 billion yuan attributable to the company's shareholders' equity in May this year, a year-on-year decrease of 76%; the contract sales area attributable to the company's shareholders' equity was 440,000 square meters. According to the data in the previous announcement, in the first five months of this year, Country Garden achieved a contract sales of 21.65 billion yuan attributable to the company's shareholders' equity.

Earlier, Country Garden Group held a monthly management meeting. Yang Huiyan, chairman of the group's board of directors, stressed that in the face of difficulties, we must maintain confidence and perseverance, strive to ensure the delivery of houses, operations and credit, and find solutions through perseverance. The recent intensive policies show how much the country attaches importance to the healthy development of the real estate industry. "Everyone should maintain confidence and perseverance and do a good job in ensuring the delivery of houses."

Country Garden previously disclosed on the Hong Kong Stock Exchange that it is actively exploring all feasible offshore debt restructuring options, continuing to regularly provide feedback on due diligence requests raised by the task force and coordination committee advisers, and said it will continue to focus on the completion and delivery of property projects and the improvement of sales performance.