Country Garden may solicit consents from holders of 11¾% senior notes

By Jennifer Chiou

New York, Feb. 11 - Country Garden Holdings Co. Ltd. announced that it is considering a consent solicitation for its 11¾% senior notes due 2014 to facilitate its participation in a development project and to amend, among other things, some restrictive covenants.

Country Garden made a joint announcement in December with Agile Property Holdings Ltd. and Guangzhou R&F Properties Co., Ltd. in relation to the acquisition of land in the Panyu District of Guangzhou City known as the Asian Games City.

The company said that the acquisition and development of the property will be implemented through a project company, in which Country Garden expects to hold a minority equity interest.

It expects to enhance its position in the Chinese property market and bolster its market share and position in Guangzhou City and Guangdong Province.

If the company goes through with the solicitation, Goldman Sachs (Asia) LLC will be the solicitation agent.

Country Garden is a Hong Kong-based property developer.

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