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Chinese Property Developer

All articles tagged with #chinese property developer

businessfinance1 year ago

"Debt Woes: Country Garden Faces Liquidation Petition Amid China Property Crisis"

Chinese property developer Country Garden, which defaulted on its debt last year, is now facing a liquidation petition from a creditor after failing to repay a loan. This comes amid a real estate crisis in China, with the collapse of rival firm Evergrande adding to concerns. Country Garden has stated it will vigorously oppose the petition, and a court hearing has been set for May 17. The ongoing real estate downturn in China has led to numerous major developers defaulting on their debt, prompting the central bank to take measures to address the crisis.

via CNN|
#businessfinance#chinese-property-developer#country-garden
business2 years ago

Country Garden Successfully Avoids Default on Yuan Bond, Reports Suggest

Chinese property developer Country Garden is reportedly set to avoid a default on its yuan-denominated bonds as most holders of a local note have agreed not to demand repayment before maturity next year. The company, once the largest non-state-owned developer in China, has been facing financing troubles and recently defaulted on a U.S. dollar bond. China's real estate sector, which accounts for about 33% of its economy, is grappling with serious debt problems as the government aims to deleverage the sector.

via CNBC|
#bond-default#business#chinese-property-developer
business2 years ago

Country Garden Teeters on the Edge of Default as Offshore Debt Deadline Looms

Country Garden, China's largest private property developer, has allowed a $15 million coupon payment deadline to pass without making the payment, raising concerns of a default on its offshore debt. Non-payment would trigger cross defaults in other Country Garden bonds, potentially leading to one of China's biggest corporate debt restructurings. The company has almost $11 billion of offshore bonds and has stated that it expects to be unable to meet all of its offshore debt obligations. China's real estate sector has been grappling with liquidity problems, and the prolonged woes have had a negative impact on the country's economy.

via Reuters|
#business#chinese-property-developer#country-garden