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☆ 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

☆ 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 Biggest Homebuilder Raises Capital in Scramble to Pay Debts
▼ + stars: | 2023-08-30 | by ( Daisuke Wakabayashi | More About Daisuke Wakabayashi | ) www.nytimes.com time to read: +1 min

In a filing with the Hong Kong Stock Exchange, Country Garden said it planned to issue 350.6 million shares of the company at 77 Hong Kong cents apiece next Wednesday. Instead, they will go to a subsidiary of Hong Kong-based Kingboard Holdings Limited, a materials and chemicals manufacturers with a property division to which Country Garden owes millions of dollars. Country Garden, China’s biggest property developer, is selling the shares at a 15 percent discount to Tuesday’s closing price. The company has until next week to repay the offshore bondholders or it will be in default to creditors. The financial trouble facing Country Garden is the latest fallout from a rapidly spreading real estate crisis in China.

Organizations: Hong Kong Stock Exchange, Hong, Kingboard Holdings Locations: Hong Kong, China

☆ Troubled Chinese homebuilder Country Garden is rushing to raise cash to avoid default
▼ + stars: | 2023-08-30 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Country Garden is raising funds to avoid default, as the troubled real estate giant battles a liquidity crisis which some fear could spread to China’s wider economy and even spill over abroad. The total value of the shares would be $270 million ($34.4 million.) Country Garden won’t receive any cash from the transaction, the filing said. It forecast a loss of $6.2 billion to $7.6 billion for the first six months of this year. Chinese state media reported at the time that the developer was expected to start a debt restructuring soon.

Organizations: Hong Kong CNN, HK, Kingboard Holdings, Country Garden Locations: Hong Kong, Foshan, Guandong, China, Malaysia, Beijing

☆ 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

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