China’s Country Garden Holdings to spin off property division
Chinese real estate conglomerate Country Garden Holdings, owned by the country’s second richest woman Yang Huiyan, is planning to spin off its property management business in order to raise capital.
The Foshan-based company is shoring up its balance sheets after a pickup in property sales and will sell 6 billion yuan ($966 million) of onshore three-year bonds as part of the capital raise, chief financial officer Wu Jianbin told Bloomberg.