SHANGHAI -- Property developer China Aoyuan Group has completed its foreign currency debt restructuring, the company said Thursday, after receiving approval from creditors and several international courts.
Aoyuan, a midsize developer based in Guangdong province, ranked 106th in China real estate sales in 2023. In December 2021, S&P Global gave the company a "selective default (SD)" rating, indicating partial default, due to cash shortages.
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