Country Garden warned investors in a Hong Kong stock exchange filing Thursday that it would likely record a loss of 45 billion to 55 billion Chinese yuan (about $6.2 billion to $7.6 billion) for the six months through June.
The disclosure lays bare the financial woes currently facing Country Garden, a massive builder of hundreds of thousands of homes annually across China.
Country Garden did not immediately respond to a request for comment.
As of early afternoon in Hong Kong Friday, its stock had reached a record low of 95 Hong Kong cents, below its previous low of 98 Hong Kong cents reached in October 2008.
Cash crunchEarlier this week, Country Garden stoked concerns by missing two bond payments, according to analysts.
Persons:
” Morningstar, Jeff Zhang, Kaven Tsang, ”, Zhang, Morningstar, Yang Huiyan, Yang, won’t, Moody’s, Fang xing, ICHPL, Alfredo Montufar, “
Organizations:
Hong Kong CNN, Garden, CNN, Hong, China’s, “, Hong Kong, Bloomberg
Locations:
Hong Kong, China, Foshan, Guangdong province, Real