China's Country Garden sells stake in Dalian Wanda unit for $428m

China's Country Garden sells stake in Dalian Wanda unit for $428m

FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo

China’s embattled Country Garden said it will sell a small stake in a Dalian Wanda unit back to the Dalian Wanda Group, with the proceeds of about $428 million going towards the restructuring of the property developer’s offshore debt.