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☆ Explainer: Country Garden: How bad are the Chinese property developer's debt problems?
▼ + stars: | 2023-09-01 | by ( Xie Yu | ) www.reuters.com time to read: +4 min

A view of closed shops in a mall at Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. Who is Country Garden and why do people care about its debt woes? Until this year Country Garden was the largest Chinese developer by sales. It faces 108.7 billion yuan ($14.9 billion) worth of debts due within 12 months, while its cash levels are around 101.1 billion yuan. It said Country Garden was facing tight liquidity and recovery prospects for bondholders could be weak.

Persons: Edgar Su, Will, Moody's, Xie Yu, Sumeet Chatterjee, David Holmes Organizations: REUTERS, HK, China Evergrande, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, HONG KONG, China, Evergrande, Will Beijing, Beijing, Guangdong, Caa1

☆ Country Garden warns of default risks, 'deeply remorseful' for record loss
▼ + stars: | 2023-08-30 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

A view of the construction at the Country Gardens' Forest City project in Johor Bahru, Malaysia February 21, 2017. REUTERS/Edgar Su/File photo Acquire Licensing RightsHONG KONG, Aug 30 (Reuters) - China's largest private property developer warned on Wednesday of default risks if its financial performance continues to deteriorate, and said it "felt deeply remorseful" for its record loss in the first half. Country Garden (2007.HK) posted a net loss between January and June of 48.9 billion yuan ($6.72 billion), versus a 6.7 billion yuan net loss in the second half of 2022 and a 612 million yuan net profit in the first half of 2022. Its total interest-bearing debts decreased to 257.9 billion yuan, of which 108.7 billion yuan would be due within 12 months, while it had total cash of 101.1 billion yuan. Country Garden shares closed down 3.3% at HK$0.88 before the earnings announcement.

Persons: Edgar Su, HONG KONG, Clare Jim, Tomasz Janowski, Andy Sullivan, Nick Macfie Organizations: Gardens, REUTERS, HK, Country Garden, Kingboard Holdings, Thomson Locations: Forest, Johor Bahru, Malaysia, HONG, Hong Kong

☆ China's Country Garden says $100 billion Malaysia project on track
▼ + stars: | 2023-08-28 | by ( A. Ananthalakshmi | ) 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. REUTERS/Aly Song/File Photo Acquire Licensing RightsKUALA LUMPUR, Aug 28 (Reuters) - Embattled Chinese developer Country Garden (2007.HK) said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns over its financial strength. Country Garden is building its largest overseas development, the massive Forest City project, across four reclaimed islands in the southern Malaysian state of Johor bordering the wealthy city state of Singapore. Malaysia's incentives should be "very positive" for Country Garden, said Steven Leung, Hong Kong-based director of UOB Kay Hian. Shares of Country Garden were up more than 8% on Monday.

Persons: Aly, Anwar Ibrahim, Anwar, Loong Kok Wen, Steven Leung, UOB Kay Hian, Clare Jim, Martin Petty, Clarence Fernandez Organizations: Shanghai Country Garden, REUTERS, HK, Malaysian, . Forest, Esplanade, Thomson Locations: Shanghai, China, KUALA LUMPUR, Malaysia, Singapore, Forest, Malaysian, Johor, Forest City, Hong Kong

☆ Malaysia's domestic banks have limited exposure to Country Garden -cbank
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fathin Ungku/File Photo Acquire Licensing RightsSINGAPORE, Aug 28 (Reuters) - Malaysia's central bank said on Monday that banks incorporated in the Southeast Asian nation faced limited financial stability risk arising from exposure to China's largest property developer, Country Garden (2007.HK). Such banks' exposure to Country Garden Real Estate Sdn Bhd (CGRE), the developer's wholly-owned subsidiary in Malaysia, amounted to less than 0.1% of total banking system loans and bonds by June 2023, the bank told Reuters in an email. "In the property sector, risks from unsold units from CGRE’s various projects in the country remain manageable," it added. "The current development with Country Garden Holdings Ltd in China is not expected to pose any material impact on the overall property market activity and prices in Malaysia," it said. Country Garden is building its largest overseas development, the massive Forest City project, across four reclaimed islands in the southern Malaysian state of Johor bordering the wealthy city state of Singapore.

Persons: Fathin, Anwar Ibrahim, Yantoultra Ngui, Clarence Fernandez Organizations: REUTERS, Rights, HK, Garden, Sdn, Reuters, Bank Negara, Garden Holdings, Malaysian, Thomson Locations: Forest City, Johor, Malaysia, Bank, Bank Negara Malaysia, Malaysian, China, Forest, Singapore

☆ Republicans Gather in Iowa to Ride, Eat and Disagree
▼ + stars: | 2023-06-03 | by ( Jonathan Weisman | ) www.nytimes.com time to read: +1 min

As the politicians and Republican Party officials tossed out the red meat on Saturday at an event at the Iowa State Fairgrounds, Wayne Johnson, a 70-year-old farmer and financial consultant from Forest City, Iowa, had some quieter thoughts about the next president he would like to see. The violence in American schools and public places, the tribalism in politics, the negativity of the nation’s elected officials — “If a leader can take us in a positive direction, people will follow,” Mr. Johnson said. His wife, Gloria, jumped in. “I really don’t care about people’s sexual habits and I don’t want to hear about it all the time,” she said with exasperation about her party’s focus on social issues like transgender care and L.G.B.T.Q. “Politicians are taking positions on ‘woke’ that have more to do with sex than promoting our country in a positive way.”The event, called “Roast and Ride” — an annual motorcycle and barbecue-infused political rally sponsored by Iowa’s junior Republican senator, Joni Ernst — laid bare divisions in the party, with some attendees focusing on pocketbook issues and tone and others looking for a candidate who will take on Democrats on a social and cultural front.

Persons: Wayne Johnson, —, Mr, Johnson, Gloria, “, ”, ‘, ’, Joni Ernst — Organizations: Republican Party, Iowa State Fairgrounds, Iowa’s, Republican Locations: Forest City , Iowa

☆ How to be a better investor in 2023
▼ + stars: | 2023-01-05 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —If you’re planning to invest your hard-earned money in stocks, bonds and other assets this year, let humility be your guide. In response, stocks and bonds, which typically don’t move in the same direction, moved down in tandem in 2022, with both ending the year deep in the red. Ignore the noiseWhether 2023 is great or awful for stocks — or, more likely, both at different times — that shouldn’t sway your investing decisions. Given recession concerns, Wilson noted that value stocks, which represent companies with strong fundamentals but are considered underpriced, tend to perform better during economic downturns. For those with a long time horizon and a high tolerance for risk, Wilson suggests looking for buying opportunities among stocks that have been hammered.

☆ With stocks falling again, here's how to protect your portfolio
▼ + stars: | 2022-08-29 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

Now stocks appear to be reversing course, having fallen steeply in the wake of Powell’s address. While it may be a bumpy road ahead, there are ways to mitigate potential damage to your portfolio in the coming months. Forget timing the marketYou may be tempted to sell equities and move the proceeds into cash or a money market fund. You’ll tell yourself you will move the money back into stocks when things improve. So check to see that your current allocation to stocks and bonds matches your risk tolerance and your ideal retirement date.

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