Oversupply clouds China firm's sukuk debut
Country Garden's RM1 billion programme is meant to finance an integrated resort project in Johor
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Kuala Lumpur
THE debut Islamic bond by a Chinese issuer in Malaysia looks set to be clouded by concerns about oversupply of property in both countries.
Country Garden Holdings Co, majority-owned by billionaire Yang Huiyan, plans a sukuk programme of at least RM1 billion (S$328,000) to finance an integrated resort project in Malaysia's southern state of Johor, the worst hit by the nation's biggest supply glut in 10 years. The offering comes after a rival, Hong Kong-listed property developer Kaisa Group Holdings Ltd, defaulted on its debt earlier this year.
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