BRIEF: Two Country Garden directors resign from its board

Struggling property developer Country Garden Holdings Co. Ltd. (2007.HK) announced on Sunday that Su Baiyuan resigned from its board as an executive director on Nov. 1 due to job changes, but that his other positions at the company remained unchanged. In addition, it said that To Yau Kwok resigned as an independent non-executive director for retirement reasons.

Country Garden is still in the process of restructuring its massive debt. A liquidation hearing requested by its creditors has been postponed multiple times, and has now been adjourned to Jan. 20 next year. The company has said it will continue to engage and share information with key creditor groups, and seek comprehensive restructuring opinions from the coordination committee, task force and advisors.

Trading of the company’s shares continues to be suspended on the Hong Kong Stock Exchange. Its results for 2023 and the first half of this year are still under review and have yet to be released.

By Lau Chi Hang

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