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Country Garden

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business-finance1 year ago

"Debt Woes Deepen: Country Garden and China's Property Crisis"

Chinese developer Country Garden is facing a $205 million loan non-payment liquidation petition, adding to concerns about the country's property sector debt crisis. With $194 billion in total liabilities and $14.9 billion in debts due within 12 months, the company's financial situation is under strain. Despite Beijing's efforts to revive the property market and economy, it has not directly bailed out any private developers. Country Garden's outlook remains uncertain as it grapples with its debt problems amidst the broader challenges facing the Chinese real estate industry.

via Reuters|
#beijing#business-finance#chinese-property-sector
business-finance1 year ago

"Debt Woes Deepen for China's Country Garden with Liquidation Petition"

A liquidation petition has been filed against Chinese developer Country Garden for non-payment of a $205 million loan, adding to China's property sector woes and undermining Beijing's efforts to restore confidence in the industry. The petition, filed by a creditor, could cloud the developer's debt revamp prospects and exacerbate the real estate crisis, putting strain on its lenders and potentially delaying the recovery of the Chinese economy. Country Garden's shares were trading down 11% following the news, and the company has stated it will "resolutely" oppose the petition.

via Reuters|
#business-finance#china#country-garden
business1 year ago

"Creditor Files Liquidation Petition Against China's Country Garden"

China's Country Garden Holdings received a liquidation petition from creditor Ever Credit Limited for non-payment of a 1.6 billion Hong Kong dollar loan, leading to a more than 12% drop in its Hong Kong-listed shares. The troubled property developer intends to vigorously oppose the petition and seek legal measures, with a court hearing set for May 17. This development adds to concerns about China's struggling real estate sector, which has been grappling with debt issues and defaults among major developers like China Evergrande.

via CNBC|
#business#china#country-garden
business1 year ago

"Debt Woes: Country Garden of China Faces Liquidation Petition in Hong Kong"

Country Garden, once China's largest real estate developer, is facing a winding up petition from a Hong Kong lender seeking to liquidate its operations and pay off debts, signaling ongoing distress in China's housing market. The petition, filed by Ever Credit Ltd., aims to force Country Garden to sell its assets to repay a $204 million loan plus interest. This comes after a similar order for the liquidation of China Evergrande, and reflects the challenges creditors face in recovering loans from Chinese developers through the Hong Kong court system. Country Garden has vowed to vigorously fight the petition, with the first hearing scheduled for May 17.

via The New York Times|
#business#china#country-garden
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
business1 year ago

"China's Country Garden Secures Local Government Support for 30+ Projects Amid Property Relief Measures"

Chinese developer Country Garden announces that over 30 of its projects have been included on local government "white lists" for financing support in provinces and municipalities across China, aiming to ease liquidity pressure and ensure completion of homes. This comes as part of China's efforts to inject liquidity into the crisis-hit real estate sector, but banks' reluctance to lend remains a major obstacle for distressed developers in need of fresh funding.

via Reuters|
#business#china#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
real-estate2 years ago

China's Property Market Crisis: Unfinished Projects and Declining Sales Spark Banking Concerns

The size of unfinished, pre-sold homes in China is approximately 20 times larger than the property developer Country Garden, according to a report by Nomura. Around 20 million units of unconstructed and delayed pre-sold homes are estimated to exist, requiring about 3.2 trillion yuan ($440 billion) to complete. Delays in construction have led to homebuyers becoming increasingly impatient, potentially endangering social stability. Beijing may need to significantly increase policy support to restore confidence in the property sector and the economy. Developers are struggling to deliver on pre-sold homes due to financing difficulties and construction challenges caused by the pandemic.

via CNBC|
#china#country-garden#policy-support
business2 years ago

China's Authorities Seek Ping An's Control of Country Garden, Sources Reveal

Chinese authorities have reportedly asked Ping An Insurance Group, one of China's largest insurers, to take a controlling stake in Country Garden, the country's biggest private property developer. The State Council has instructed the local government of Guangdong province, where both companies are based, to arrange a rescue of Country Garden by Ping An. While Ping An has denied the reports, authorities are keen to prevent any liquidity problems faced by Country Garden from spilling over to the wider economy. Talks between Ping An and authorities are still at an early stage, and if Ping An were to become Country Garden's controlling shareholder, authorities would like it to inject capital in stages to ease the developer's liquidity problems.

via Reuters|
#business#china#country-garden
business2 years ago

China's Country Garden Defaults on Dollar Bond, Declared 'Event of Default'

Country Garden, the largest builder in the Chinese property market, has failed to pay $15.4 million in interest on its dollar bonds, marking its first default. The company had previously warned creditors that it would not be able to repay a separate loan due to sales pressure. With its shares losing over two-thirds of their value this year, Country Garden is now likely facing one of China's biggest-ever restructurings. This default adds to the ongoing distress in the Chinese property market, which accounts for about 20% of the country's GDP. The Credit Derivatives Determinations Committees will meet to discuss if a failure-to-pay credit event occurred, potentially triggering credit default swap contracts.

via Euronews|
#business#chinese-property-market#country-garden
business2 years ago

Country Garden's Bond Payment Failure Raises Default Concerns in China

Chinese property developer Country Garden has failed to make a $15.4 million interest payment on a dollar bond, marking a significant decline for a company once considered one of China's safest developers. This missed payment could trigger cross-defaults on its other international debt, as Country Garden had approximately $15.2 billion of international bonds and loans outstanding as of June. The company's financial struggles raise concerns about the future of unfinished megadevelopments like Malaysia's Forest City.

via The Wall Street Journal|
#bond-payment#business#china
business2 years ago

China's Country Garden Faces Growing Default Fears as Bond Payment Deadline Passes

China's largest private property developer, Country Garden, is reportedly on the verge of defaulting on its overseas debt, adding to concerns about China's post-pandemic recovery. With $11 billion in debt and another $6 billion in onshore loans, a default by Country Garden would mark one of the country's biggest corporate debt restructurings. The property market, which accounts for a third of China's economy, has been struggling, with property sales and investment declining. The possible default by Country Garden follows the crisis faced by rival Evergrande, triggering a real estate market crisis in China.

via BBC.com|
#business#china#country-garden
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
business2 years ago

Country Garden, Chinese Real Estate Giant, Defaults on Debt

Chinese real estate giant Country Garden has announced that it is unable to repay a loan and expects to miss upcoming overseas debt payments due to plummeting sales amid China's worsening property crisis. The company, once China's largest homebuilder, is facing approximately $187 billion in liabilities and is one of the biggest casualties of the country's imploding real estate market. Country Garden has been selling off assets and negotiating with creditors to restructure liabilities or delay payments, but its struggle to sell new apartments has severely impacted its cash flow. The company's presales of unfinished apartments fell for a sixth straight month in September, down 81% from the same month last year.

via The New York Times|
#business#chinese-real-estate#country-garden
businessfinance2 years ago

China's Country Garden Faces Debt Crisis Amid Plummeting Sales

Chinese property giant Country Garden is facing a liquidity crisis after its apartment sales plummeted in September, leading to the company's failure to make an international debt payment. Once considered one of China's most stable property developers, Country Garden's financial struggles have raised concerns about the future of unfinished megadevelopments like Malaysia's Forest City.

via The Wall Street Journal|
#businessfinance#china#country-garden