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☆ Analysts at China's CICC told not to publish bearish views, wear luxury items -memo
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The company logo of China International Capital Corporation Ltd (CICC), China’s first joint venture investment bank, is displayed at a news conference on the company's annual results in Hong Kong, China March 30, 2016. Additionally, staff at the state-owned investment bank have been asked to not wear luxury brands or disclose their pay. Employees should "make sure their family members adhere to social and ethical standards", the memo said. Banks have also been forced to cut pay and perks for investment bankers, including compensation and budget reductions for travel and entertainment. Reuters reported in April that CICC slashed bankers' bonuses by as much as 40%.

Persons: China’s, Bobby Yip, CICC, Banks, Selena Li, Jason Xue, Sumeet Chatterjee, Edwina Gibbs Organizations: China International Capital Corporation, REUTERS, China International Capital Corp, HK, Reuters, Bloomberg, Thomson Locations: Hong Kong, China, HONG KONG, dealmaking

The company logo of China International Capital Corporation Ltd (CICC), China’s first joint venture investment bank, is displayed at a news conference on the company's annual results in Hong Kong, China March 30, 2016. China is Brazil's largest trading partner, however Chinese investments in Brazil fell 78% in 2022, the Brazil-China Business Council (CEBC) said in August. "We believe that more Chinese investment will be willing to ... invest into the Latin America region, especially in Brazil," said Lin. "I don't remember when politics got so involved in daily business," Lin said, reflecting on her 21 years in business. However, there were still Chinese companies listing here, said Lin and China's securities regulator China Securities Regulatory Commission had pre-approved 20 Chinese ADRs.

Persons: China’s, Bobby Yip, Lindsay Lin, Lin, CICC, acquirer, Biden, Didi Global, we're, ” Lin, Megan Davies, Echo Wang, Diane Craft Organizations: China International Capital Corporation, REUTERS, Securities, China International Capital Corp, HK, Reuters NEXT, China Business Council, Monetary Fund, China Securities Regulatory Commission, Reuters, reuters, Thomson Locations: Hong Kong, China, Brazil, New York, America, Latin America, U.S, China's

[1/5] A view of the residential apartments in Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. The group hired PJT Partners (PJT.N) as financial adviser to lead discussions with Country Garden, two people with knowledge of the matter said. Ratings agency Moody's said on Thursday it could downgrade Country Garden's (2007.HK) 'corporate family rating' if the recovery prospects for its creditors weaken further. Moody's said Country Garden's senior unsecured rating of C was already at the lowest of its rating scale. Country Garden and Frasers did not immediately respond for a request for comment on that sale.

Persons: Edgar Su, PJT, Moody's, Frasers, Houlihan Lokey, Sidley Austin, Yeung Kwok Keung, Yang Huiyan, Yeung, Yang, Cao Jianglin, Garden's, China Evergrande, Scott Murdoch, Xie Yu, Clare Jim, Anousha Sakoui, Liz Lee, Lewis Jackson, Kim Coghill, Christopher Cushing, Jamie Freed, Lincoln, Miral Fahmy, Jane Merriman Organizations: REUTERS, HK, PJT Partners, Garden's, Australian Financial, Reuters, China International Capital Corporation, Finance, HSBC, China National Agricultural Development, SOE, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, China HONG KONG, Garden's Australian, Melbourne, China, Shunde, Guangdong province, Sydney, Hong Kong, London, Beijing, Sydndey

☆ Explainer: Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Country Garden has appointed Houlihan Lokey, China International Capital Corporation (CICC) and law firm Sidley Austin as advisers to carry out an offshore debt restructuring. Until this year, Country Garden was the largest Chinese developer by sales. Country Garden has said repeatedly that "home delivery" is its top priority.

Persons: Aly, Houlihan Lokey, Sidley Austin, Evergrande, Clare Jim, Anne Marie Roantree, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, WHO, China Evergrande, Evergrande, Regulators, Beijing, Thomson Locations: Shanghai, China, HONG KONG, Beijing

☆ Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

☆ Country Garden's entire offshore debt to be in default if Tuesday payment not made
▼ + stars: | 2023-10-16 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

REUTERS/Edgar Su/File Photo Acquire Licensing RightsHONG KONG, Oct 17 (Reuters) - Country Garden's (2007.HK) entire offshore debt will be deemed to be in default if China's largest property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period. Lack of payment - which is expected after Country Garden last week warned about its inability to meet offshore debt obligations - would make the firm the latest in scores of Chinese developers who have defaulted. Country Garden has also missed other offshore payments in the past few weeks though those payments still have not seen their 30-day grace periods lapse. Country Garden declined to comment. With nearly $11 billion of offshore bonds and $6 billion of offshore loans, a default by Country Garden would set the stage for one of China's biggest corporate debt restructurings.

Persons: Edgar Su, Houlihan Lokey, Sidley Austin, Clare Jim, Edwina Gibbs Organizations: REUTERS, HK, China International Capital Corporation, Kingboard Holdings, JPMorgan, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, HONG KONG, China, Hong Kong

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, China's largest private property developer, has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week. In a filing with the Hong Kong stock exchange on Tuesday, Country Garden said that its sales and financing were facing "significant challenges", and its available funds have continued to decrease. Country Garden was due on Monday to pay $66.8 million in coupons on 2024 and 2026 dollar bonds, although the payments have a 30-day grace period. ($1 = 7.8284 Hong Kong dollars)Reporting by Scott Murdoch in Sydney and Xie Yu in Hong Kong; additional reporting Rishav Chatterjee in Bengaluru and Clare Jim in Hong Kong; Editing by Rashmi Aich, Lincoln Feast, Jamie Freed and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, homebuyers, Houlihan Lokey, Sidley Austin, Jeff Zhang, Sandra Chow, CreditSight's, Scott Murdoch, Xie Yu, Rishav Chatterjee, Clare Jim, Rashmi Aich, Lincoln, Jamie Freed, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, HK, Hong, China International Capital Corporation, Asia, China Evergrande, Investment, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Beijing, Sydney, Bengaluru, Clare

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Companies accounting for 40% of Chinese home sales - mostly private property developers - have defaulted on debt obligations since a liquidity crisis hit the sector in 2021, leaving many homes unfinished. The developer had been working towards announcing a restructure of its offshore debt, Chinese media reported on Monday. Country Garden faces another big test next week when its entire offshore debt could be deemed in default if it fails to pay a $15 million September coupon by Oct. 17. "The difficult situation shows that Chinese developers face severe liquidity pressure from weak home sales, and repayment to bondholders is still a lower priority," said Gary Ng, senior economist at Natixis Corporate and Investment Bank.

Persons: Aly, Houlihan Lokey, Sidley Austin, Morningstar, Jeff Zhang, Sandra Chow, CreditSight's, Gary Ng, Scott Murdoch, Xie Yu, Rishav Chatterjee, Rashmi Aich, Lincoln, Jamie Freed 私 Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, HK, Hong Kong Stock Exchange, China International Capital Corporation, Asia, Natixis Corporate, Investment Bank Locations: Shanghai, China, HONG KONG, Hong Kong, Sydney, Bengaluru

☆ China's property crisis just keeps getting worse — property giant Country Garden just warned it may default on its debt
▼ + stars: | 2023-10-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's Country Garden warned on Tuesday it could default on its offshore debt payments. Country Garden is the latest high-profile Chinese real-estate giant ensnared in a liquidity crunch. On Tuesday, embattled property giant Country Garden signaled that it may be facing its first default ever, in a filing to the Hong Kong Stock Exchange. However, Country Garden has around 3,000 unfinished projects — which is around four times that of Evergrande's 800 projects that are still being built. Country Garden shares were down 9.5% at 76 Hong Kong cents at 3.34 p.m. local time.

Persons: —, Evergrande —, it's, Houlihan Lokey, Sidley Austin Organizations: HK, Service, Hong Kong Stock Exchange, Hong, Bloomberg, China International Capital Corporation, Garden Locations: Hong Kong, China

☆ China’s Country Garden warns of default again as property sales plunge
▼ + stars: | 2023-10-10 | by ( Laura He | ) edition.cnn.com time to read: +6 min

The deepening woes at Country Garden offer more evidence that China’s all-important property market is languishing in a persistent downturn, which poses a major threat to the country’s growth prospects. Country Garden was one of the few major private developers still standing after a liquidity crisis engulfed China’s property sector two years ago. The news shocked investors, triggering a broad sell-off in China’s property stocks. Significant uncertaintyOn Tuesday, Country Garden reported that its sales plunged further in September, down 81% from a year earlier. If confirmed, a debt restructuring for Country Garden would be the latest for a Chinese home builder.

Persons: “, Houlihan Lokey, Sidley Austin, Xu Jiayin Organizations: Hong Kong CNN, Hong Kong, Hong Kong Stock Exchange, CNN, China International Capital Corporation Hong Kong Securities, Country Locations: China, Hong Kong, Beijing

Hozon's IPO plan comes after it announced a 7 billion yuan pre-IPO fundraising late on Tuesday in a social media statement. More banks could be added to the syndicate working on the IPO as the deal progresses, they said. Local Hong Kong media reported earlier this week Hozon could raise up to $1 billion in a local listing. Hozon is building its first overseas plant in Thailand and aims to start production there in January 2024. Reporting by Kane Wu in Hong Kong and Scott Murdoch in Sydney; Additional reporting Zhang Yan; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Morgan Stanley, CICC, Kane Wu, Scott Murdoch, Zhang Yan, David Holmes Organizations: Hozon, Beijing International Automotive, Auto, REUTERS, Rights, Zhejiang, New Energy Automobile Co, HONG, Hozon Auto, China International Capital Corporation, Hong, Hong Kong Stock Exchange, Thomson Locations: Auto China, Beijing, China, HONG KONG, SYDNEY, Hong Kong, Indonesia, Thailand, Myanmar, Nepal, Sydney

☆ Country Garden's cash flow in focus as troubled firm set to report $7.5 bln loss
▼ + stars: | 2023-08-29 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden shares were down over 3% in early trade on Wednesday. It has already flagged a net loss of up to 55 billion yuan ($7.55 billion) in the first six months, a staggering slide from the 6.7 billion yuan loss it posted in the second half of 2022 and from the net profit of 1.9 billion yuan it posted a year earlier. JP Morgan has estimated it would cost about 316 billion yuan to finish all the company's projects under construction, including both sold and unsold flats. On Tuesday, Country Garden proposed adding a 40-day grace period for the repayment of a 3.9 billion yuan private onshore bond due Saturday.

Persons: Aly, HONG KONG, JP Morgan, Clare Jim, Miral Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, Garden, HK, Kingboard Holdings, Country Garden, China International Capital Corporation, City, China Overseas Land & Investment, Thomson Locations: Shanghai, China, HONG, HK, Hong Kong, Guangzhou, Malaysia

☆ Country Garden restructuring fears deepen China property concerns
▼ + stars: | 2023-08-11 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. The regulator also asked the property developers about their financing needs and sought suggestions, according to Cailianshe. China International Capital Corporation (CICC) has been hired as a financial adviser to Country Garden, the Yicai and Caixin reports said. Country Garden shares ended down 5.8% on Friday, having fallen as much as 14.4% during the day to a record low of HK$0.89. "It is likely to further weaken market sentiment and delay the recovery of China's property sector," it said.

Persons: Aly, Yicai, Cailianshe, CICC, John Lam, Clare Jim, Selena Li, Himani Sarkar, Jamie Freed, Raju Gopalakrishnan, Jane Merriman Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Sunac China Holdings, China's, Communist Party, China International Capital Corporation, Garden, UBS, China Aoyuan, Fantasia Holdings, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Hong Kong

☆ Country Garden shares hit record low on loss forecast, restructuring fears
▼ + stars: | 2023-08-11 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden declined to comment. Country Garden told Reuters this week that it had not been able to make $22 million of dollar coupon payments on time, though both have 30-day grace periods. The shares shed as much as 14.4% on Friday morning to a record low of HK$0.89 ($0.1139), having lost 38% of their value so far this week. Country Garden forecast the large first-half loss in filings on Thursday, and said that it would take measures to meet its debt obligations and fix operational issues to get the company back on track.

Persons: Aly, Yicai, CICC, Garden's, Clare Jim, Himani Sarkar, Jamie Freed Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, Garden, Reuters, China Evergrande, Sunac China Holdings, Communist Party, Industry, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong

☆ Country Garden, one of China's real-estate behemoths, could look at restructuring its debt after missing key interest payments this week: JPMorgan
▼ + stars: | 2023-08-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The warning is a "prelude to an ultimate credit event," paving the way for debt restructuring, per JPMorgan. Country Garden racked up 1.4 trillion Chinese yuan, or almost $200 billion, in liabilities at the end of 2022. It also faces 7.8 billion Chinese yuan, or $1.1 billion, in payments for notes and bonds in September. Another analyst feels Country Garden could restructure if it's unable to raise cash in time. Country Garden and CICC did not immediately respond to requests from Insider for comment.

Persons: JPMorgan Chase, Karl Chan, Nicholas Chen, CreditInsights, Chen, Iris Chen, Yang Huiyan, CICC Organizations: JPMorgan, Service, Garden, China International Capital Corporation, Reuters, Nomura, Bloomberg, Hong Locations: Wall, Silicon, China, Hong Kong, Beijing

☆ We're 'modestly bullish' on China's A-share markets, says investment management firm
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're 'modestly bullish' on China's A-share markets, says investment management firmJundong Zhang of China International Capital Corporation says that comes "on the back of positive growth prospects" and consumption may recover faster than expected.

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