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Country Garden (COGARD) made a full repayment on a local RMB 800mn ($111mn) note with a put option that expired on Wednesday. Besides, the developer also sold an investment in Wanda’s mall unit, Zhuhai Wanda Commercial Management Group for RMB 3.07bn ($428mn) to raise cash for debt restructuring. Regarding the sale of its investment in the mall unit, COGARD said that it was “actively resolving the periodic liquidity pressure” to address its “current offshore debt risks”. COGARD said that it was selling its 1.79% stake in Zhuhai Wanda to parties related to Wanda Group.
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