DIRS.INFO The most relevant business & tech news

☆ Exclusive: Country Garden aims to have offshore debt restructuring plan by year end
▼ + stars: | 2023-11-10 | by ( Xie Yu | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong, China March 20, 2018. Country Garden, which has almost $11 billion of offshore bonds, declined to comment. The timeline for the company's debt restructuring plan has not been reported before. CreditSights said in a Nov. 2 research note that Country Garden had "formally defaulted" on its offshore bonds due to the missed payment. Sunac China Holdings Ltd (1918.HK) in October became the first to complete the debt revamp scheme for its $9 billion offshore debt after winning approval from creditors and courts.

Persons: Bobby Yip, Ping, CreditSights, CICC, Houlihan Lokey, Sidley Austin, Houlihan, China Evergrande, Hui Ka Yan, Xie Yu, Clare Jim, Sumeet Chatterjee, Edwina Gibbs Organizations: REUTERS, Reuters, Insurance Group, Ping An, Sunac China Holdings Ltd, HK, Thomson Locations: Hong Kong, China, HONG KONG, HK, Beijing

☆ Long before rescue talks, Country Garden struggled to build homes, pay bills
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +6 min

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. "Nobody believed that Country Garden would fail. Country Garden declined to comment. In July, only weeks before it skipped debt payments, Country Garden launched a campaign on its WeChat channel titled “Beautiful Delivery”, showcasing newly built apartments and happy homeowners. Country Garden did not respond to questions about the payment or delivery disputes.

Persons: Aly, Ping, COVID, Economist Intelligence Unit's Xu Tianchen, EIU’s Xu, it’s, ”, Qiao Jingjing, Qiao, Clare Jim, Liangping Gao, Amy Lv, Laurie Chen, Antoni Slodkowski Organizations: Shanghai Country Garden, REUTERS, Rights, China's, Garden, Ping An, Economist Intelligence, Reuters, Observers, Jujiang, Thomson Locations: Shanghai, China, Rights BEIJING, HONG KONG, Beijing, Chongqing, Xinzheng, Henan Province, Lincoln

☆ Exclusive: China authorities ask Ping An to take controlling stake in Country Garden, sources say
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +6 min

Ping An has "not been asked by (the) Government to takeover Country Garden. Country Garden declined to comment. Country Garden shares were up 4% in afternoon trade. The insurer had as of Aug. 11 a 4.99% stake in Country Garden, according to Hong Kong stock exchange data. Country Garden had total liabilities of 1.4 trillion yuan ($190 billion) at the end of June.

Persons: Damir Sagolj, Ping, Li Qiang, Ping An, Ma Mingzhe, Ma, Peter, Yang Huiyan, Yang, Anne Marie Roantree, Antoni Slodkowski, Don Durfee, Edwina Gibbs Organizations: Ping An Insurance, Global Mobile Internet Conference, National Convention Center, REUTERS, Ping An Insurance Group, HK, Council, Ping An, Reuters, Government, China, Information, Country Garden, People's Bank of China, Financial Regulatory Administration, Shenzhen Metro, Peking University Founder, Thomson Locations: Beijing, China, China's, Guangdong province, Guangdong, Hong Kong, GUANGDONG, Shenzhen, Ping An

☆ China property rescue? Who are Ping An Insurance Group and Country Garden?
▼ + stars: | 2023-11-08 | by ( Julie Zhu | ) www.reuters.com time to read: +5 min

Ping An, based in the southern tech hub of Shenzhen, vies with China Life (601628.SS) for the title of the country's biggest insurance group by market value. Country Garden has said repeatedly that "home delivery" is its top priority. WHY HAS BEIJING PICKED PING AN TO RESCUE COUNTRY GARDEN? Ping An was a natural choice because it is based in Guangdong and has been a major Country Garden shareholder, said the sources. Ping An said after the Reuters report that it no longer holds Country Garden shares.

Persons: Ping, Ma Mingzhe, Morgan Stanley, Goldman Sachs, Yang Huiyan, Alex Ren, Julie Zhu, Kim Coghill Organizations: Ping An Insurance Group, HK, Reuters, WHO, China, Lufax, Ping An Healthcare, Technology, HSBC, Shenzhen Investment Holdings Co, Central Huijin Investment, Charoen Pokphand, CP, China Evergrande, Evergrande, Regulators, BEIJING, Authorities, Garden, Thomson Locations: HONG KONG, China, Shenzhen, vies, New York, Hong Kong, Shanghai, Guangdong

☆ Reaction to Reuters report on potential Ping An rescue of Country Garden
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +4 min

EUGENE LAW, DIRECTOR OF CHINA GALAXY INTERNATIONAL:"If the central government steps in to help Country Garden, it's for easing the debt crisis and preventing a spillover to financial institutions. But it will not help the China property market, which depends on factors, including employment and consumer confidence. Homebuyers would not rush to buy property just because Country Garden gets out of trouble. For the broader property market, the key is still home sales." Country Garden may have reached a tipping point where it will need more liquidity to fulfill such a policy goal.

Persons: Tyrone Siu, Ping, EUGENE LAW, Homebuyers, MICHAEL WONG, XU TIANCHEN, YAO, homebuyers, GARY NG, Clare Jim, Anne Marie Roantree, Edwina Gibbs, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping An Insurance Group, HK, Reuters, LU, OF CHINA GALAXY, Garden, Central Financial Work Conference, Thomson Locations: Shenzhen, China, HONG KONG

☆ Ping An loses $2.1 billion in market value, China property rallies on Country Garden rescue report
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Company logo of Ping An Insurance Group is shown at a news conference following the company's announcement of its annual results in Hong Kong, China March 16, 2016. Ping An's Hong Kong-listed shares tumbled 5.4%, their sharpest daily fall in more than a year, wiping out almost $2.1 billion in market capitalisation. "Such a move should mitigate or control the risks in the market," said Lu Wenxi, analyst at property agency Centaline. "This move is a big boost to market confidence, because now the whole real estate market, especially some major real estate enterprises are under pretty big pressure, and their bankruptcy risks triggering a chain reaction." Reporting by Anne Marie Roantree in Hong Kong.

Persons: Bobby Yip, Ping, Lu Wenxi, Anne Marie Roantree, Tom Westbrook, Edmund Klamann, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping, Ping An Insurance Group, Reuters, HK, Ping An, China, Sunac China Holdings, Wanda, Thomson Locations: Hong Kong, China, HONG KONG, Singapore

☆ NBA roundup: Knicks top Clippers in James Harden's debut
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +8 min

The Knicks outscored the Clippers 35-21 in the fourth quarter and 69-51 in the second half, spoiling the debut of new Los Angeles acquisition James Harden. Kawhi Leonard scored 18 points while Harden finished with 17 points in 31-plus minutes in his first action since the Philadelphia 76ers dealt him to the Clippers on Oct. 31. Chris Paul finished with 17 points, six assists and five rebounds off the bench, and Klay Thompson had 17 points. Isaiah Stewart contributed 17 points and 11 rebounds, while Ausar Thompson had 16 points, seven rebounds and four steals. Sengun, meanwhile, was the offensive linchpin, pairing a career-high 12 assists with 17 points to help Houston to its third consecutive victory.

Persons: RJ Barrett, Gregory Fisher, James Harden, Barrett, Julius Randle, Mitchell Robinson, Kawhi Leonard, Harden, Anthony Edwards, Edwards, Jaden McDaniels, Rudy Gobert, Jayson Tatum, Jaylen Brown, Porzingis, Nikola Jokic, Julian Strawther, Jordan Hawkins, Brandon Ingram, CJ McCollum, Jamal Murray, Stephen Curry, Chris Paul, Klay Thompson, Dario Saric, Jonathan Kuminga, Looney, Cade Cunningham, Killian Hayes, Isaiah Stewart, Ausar Thompson, Myles Turner, phenom Victor Wembanyama, Doug McDermott, Keldon Johnson, Zach Collins, Wembanyama, Charles Bassey, Luka Doncic, Kyrie Irving, Tim Hardaway, Paolo Banchero, Orlando, Moe Wagner, Cole Anthony, Joel Embiid, Tyrese Maxey, Tobias Harris, De'Anthony Melton, Kyle Kuzma, Jordan Poole, Deni Avdija, Bam Adebayo, Jimmy Butler, Tyler Herro, LeBron James, Giannis Antetokounmpo, Antetokounmpo, Damian Lillard, Cam Thomas, Bridges, Ben Simmons, Zach LaVine, DeMar DeRozan, Coby White, Lauri Markkanen, Jalen Green, Alperen Sengun, Green, Sengun, De'Aaron Fox, Shai Gilgeous, Alexander, Chet Holmgren, Onyeka Okongwu Organizations: New York Knicks, Los Angeles Clippers, USA, Knicks, Clippers, New, Philadelphia 76ers, Timberwolves, Celtics, Boston, Pelicans, Denver, Pelicans ., Nuggets, Warriors, Pistons, Golden State, Detroit, Pacers, Spurs, Tyrese Haliburton, Indianapolis . Indiana, Indiana, San, Mavericks, Luka, Dallas, Orlando, 76ers, Wizards, Philadelphia, Sixers, Milwaukee Bucks, Lakers, Miami, Los, Heat, Bucks, Nets, Milwaukee, Brooklyn, Bulls, Jazz, Chicago, Rockets, Jalen, Houston, Hawks, Oklahoma City, Thomson Locations: New York , New York, USA, Madison, Los Angeles, New York, Minneapolis, Minnesota, New Orleans, Pelicans . New Orleans, Indiana, Antonio, Indianapolis ., San Antonio, Washington, Miami, Utah, Sacramento, Houston, Atlanta

PHILADELPHIA (AP) — Joel Embiid envisioned winning an NBA championship with James Harden at his side. The 76ers traded Harden this week to the Clippers for a package of players and draft picks, ending the promise of two NBA MVPs chasing a championship in Philly. As it is, the 76ers are 3-1 with Embiid putting up numbers like a player intent on defending his MVP crown. While Nurse publicly said all the right things ahead of the trade about welcoming Harden back, he admitted Thursday that he never truly believed he would coach Harden. “I think he did a lot of great things for us,” Embiid said.

Persons: — Joel Embiid, James Harden, “ He's, ” Embiid, We're, Harden, “, Ben Simmons, Tyrese Maxey, Tobias Harris, Kelly Oubre Jr, didn't, Doc Rivers, “ I’m, ” Harden, scoffed, Harden —, Boston —, Embiid, Harris, Oubre, Maxey, you've, Nick Nurse, Daryl Morey, Nurse, ” Nurse, we're, —, ”, ___ Organizations: PHILADELPHIA, 76ers, Los Angeles Clippers, NBA, The 76ers, Clippers, Sixers, Philly, Boston, Toronto, Wells, ” Sixers Locations: Embiid, Philly, Los Angeles, Harden

☆ Awaiting James Harden, Clippers square off with Lakers
▼ + stars: | 2023-11-01 | by ( Field Level Media | ) www.reuters.com time to read: +3 min

November 1 - While the Los Angeles Lakers are, without question, the most popular NBA team in Southern California, the Los Angeles Clippers continue to develop into the homegrown squad. With the Lakers set to play host, the team's 12 championship banners from their Los Angeles tenure will hang over the proceedings -- the titles earning fans from multiple generations. The Clippers, though, are an assemblage of local talent, with the pending trade for 10-time All-Star James Harden only adding to that collection. Harden, a product of Artesia High School in nearby Lakewood, Calif., joins three other All-Stars from the Los Angeles area: Kawhi Leonard, Paul George and Russell Westbrook. Despite the Lakers' pedigree, the Clippers have gotten the most from the teams' recent matchups.

Persons: Star James Harden, Harden, Kawhi Leonard, Paul George, Russell Westbrook, Norman Powell, Harden's, Tyronn Lue, Lue, that's, Westbrook, D'Angelo Russell, Russell's, Anthony Davis, LeBron James, he's, Darvin Ham, Russell, He's, Davis, Christian Wood, James, Rui Hachimura Organizations: Los Angeles Lakers, NBA, Los Angeles Clippers, Lakers, Los, The Clippers, Star, Artesia High School, Clippers, Orlando Magic, Thomson Locations: Southern California, Los Angeles, Artesia, Lakewood, Calif, San Diego

PHILADELPHIA (AP) — James Harden got his trade to the Clippers. The 34-year-old Harden vowed he would never play for a franchise run by 76ers team president Daryl Morey and the disgruntled guard had yet to play for the team this season. Harden had picked up his $35.6 million contract option in June with the belief the team would trade him. The lone time he spoke at practice, Harden said that his fractured relationship with Morey could not be repaired — comparing it to a broken marriage. Coach Nick Nurse had said Harden was scheduled to practice with the 76ers on Tuesday.

Persons: — James Harden, Harden, P.J, Tucker, Filip Petrušev, Marcus Morris, Robert Covington, Nic Batum, Martin, Daryl Morey, Morey, Nick Nurse Organizations: PHILADELPHIA, Clippers, The Sixers, Associated Press, 76ers, NBA, Sixers, Eastern Conference, Boston Locations: Brooklyn, California

MILWAUKEE (AP) — The Philadelphia 76ers went to Milwaukee without James Harden and the NBA wants to know why. They league, which strengthened its rules about resting healthy players this summer, is investigating the reasons behind Harden's absence from the 76ers' nationally televised season opener against the Bucks. “We're looking into the facts around James Harden's availability tonight to determine whether an approved reason exists for his lack of participation," NBA spokesman Mike Bass said in a statement. Harden wants to be traded and was away from the Sixers recently until returning this week. Political Cartoons View All 1220 ImagesTeams could be fined $100,000 for their first violation of the policy.

Persons: James Harden, James Harden's, Mike Bass, Harden, Nick Nurse, Devin Booker, Bradley Beal, ___ Organizations: MILWAUKEE, The Philadelphia 76ers, NBA, 76ers, Bucks, Sixers, Suns, Los Angeles Lakers Locations: Milwaukee

☆ Country Garden default on dollar bond declared for first time -Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: 1 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 RightsOct 25 (Reuters) - Chinese developer Country Garden Holdings (2007.HK) has been deemed in default on a U.S. dollar bond for the first time, Bloomberg News reported on Wednesday, citing a notice. Country Garden's failure to pay interest on the note within a grace period that ended last week "constitutes an event of default", Bloomberg reported citing the notice to holders from a trustee. Reporting by Gursimran Kaur in Bengaluru; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Gursimran Kaur, Christopher Cushing Organizations: Shanghai Country Garden, REUTERS, Country Garden Holdings, HK, U.S, Bloomberg, Thomson Locations: Shanghai, China, Bengaluru

Rivers asked, "let the season go on, and I’ll find that out. Political Cartoons View All 1218 ImagesAt least one ESPN executive believes Rivers' won't be returning to the coaching ranks anytime soon. I think it’s going to be a lot of fun.”As for what to expect this season, Rivers has defending champion Denver as the favorite. Rivers still has a desire to be competing for another NBA title. His most significant coaching success came in Boston when he led the Celtics to the NBA title in 2008 during his nine-year tenure.

Persons: Doc Rivers, Rivers, ”, Mike Breen, Doris Burke, “, David Roberts, ESPN’s, “ There’s, Hey, Doc, ’, James Harden's, Joel Embiid, Joel, ” Rivers, Burke, Jeff Van Gundy, Mark Jackson, Jeff, ” Breen, Breen, “ Doc, Bradley Beal, Devin Booker, Kevin Durant, Paul Pierce, Ray Allen, “ It’s, Damian Lillard, I’ve Organizations: Orlando Magic, Turner Sports, ESPN, NBA, ABC, Orlando, Sixers, Denver, Boston, Boston -, Celtics, Bucks, Eastern Conference, Milwaukee, Los Angeles Clippers Locations: Orlando Magic, Philadelphia, Phoenix, Boston, Milwaukee, Boston - New York, ”, Portland

☆ Knicks sign jersey patch deal with owner James Dolan's Sphere Entertainment
▼ + stars: | 2023-10-24 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

The National Basketball Association's New York Knicks are keeping it in the family for their next jersey patch sponsor. Madison Square Garden Sports announced Tuesday that Sphere Entertainment will become the NBA team's official jersey patch partner for the 2023-24 season. Terms of the jersey patch deal were not disclosed. The NBA's jersey patch sponsor program kicked off during the 2017-18 season and has been an important source of revenue for many clubs. Dolan reportedly was shopping around the jersey patch rights for $30 million, according to SBJ.

Persons: James Dolan, David Hopkinson, Micky Arison, Squarespace, Andrew Lustgarten, Dolan, SBJ, Patrick Rishe, Louis, Bob Dorfman Organizations: Association's New York Knicks, Madison, Garden Sports, NBA, Knicks, Boston Celtics, Garden, MSG Sports, Golden State Warriors, Brooklyn Nets, Los Angeles Lakers, Miami Heat, Carnival Cruise, Sports Business, Washington University, Pinnacle Advertising, CNBC Locations: Madison, Las Vegas, St

☆ China's troubled property sector to face more debt defaults
▼ + stars: | 2023-10-20 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 20 (Reuters) - More debt defaults are likely to emerge in China's property sector as troubled developers struggle with a weak home sales outlook, while fund raising remains challenging, according to credit analysts. Counting October, there is a total of $60.5 billion worth of Chinese property bonds due in the next 6 months, with offshore bonds taking up at least one third of it, according to Dealogic data. The company said it was also prepared to formulate a reasonable debt repayment plan if it fails to repay bonds as they are due. Ricky Tsang, an analyst with S&P Global Ratings, said apart from the weak cash flow from home sales, fund raising for developers, particularly the private ones, remains tight. Reporting by Xie Yu in Hong Kong, Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Ting Meng, Ricky Tsang, Tsang, Xie Yu, Raju Gopalakrishnan Organizations: HK, Ocean Group, Hong Kong Exchange, Dalian Wanda Group, Bloomberg, ANZ Bank China, Developers, Thomson Locations: HONG KONG, China, State, HK, Hong Kong

☆ Take Five: Another curve ball for markets
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +5 min

The European Central Bank looks set to sit tight after a string of interest rate hikes, while there's a slew of U.S. earnings and Argentina's presidential election. ECB chief economist Philip Lane says the central bank was still "quite some distance" from easing monetary policy. Canada's central bank, meeting on Wednesday, is tipped to leave rates steady as inflation eases. 2 economy, property turmoil threatens China's 5% growth target - even after a consensus-smashing 4.9% quarterly expansion. Milei, surprise victor in the August primary election, has pledged to dollarise the economy and get rid of the central bank.

Persons: Brendan McDermid, Amanda Cooper, Naomi Rovnick, Kevin Buckland, Lewis Krauskopf, Rodrigo Campos, Philip Lane, hasn't, Javier Milei, Sergio Massa, Patricia Bullrich, Vineet Sachdev, Sumanta Sen, Dhara Ranasinghe, Simon Cameron, Moore Organizations: New York Stock Exchange, REUTERS, European Central Bank, Hamas, ECB, Reuters Graphics Reuters, Microsoft, Apple, Nvidia, Tesla, General Motors, Merck, United Parcel Service, Investors, International Monetary, Massa, Thomson Locations: New York City, U.S, London, Tokyo, New York, Israel, Palestinian, Russia, Ukraine, China, Beijing, ARGENTINA, Argentina, Pasir Kongkunakornkul

[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

☆ Country Garden says founder, board chairperson at work, haven't left China
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 19 (Reuters) - Country Garden's founder and chairperson of the board are at work as usual, the debt-laden Chinese property developer said on social media on Thursday, denying online reports of the pair leaving the country. Founder Yeung Kwok Keung quit Country Garden's board in March and daughter Yang Huiyan became chairperson. Country Garden on Wednesday was due to pay a $15 million coupon payment on a bond due September 2025, but two bondholders told Reuters they were yet to receive it. On Wednesday, it said it was unlikely to be able to meet most of its upcoming offshore debt payments. Country Garden has almost $11 billion of offshore bonds outstanding.

Persons: Yeung Kwok Keung, Yang Huiyan, Yeung, Liz Lee, Scott Murdoch, Kim Coghill, Christopher Cushing Organizations: Reuters, Thomson Locations: BEIJING, Shanghai

[1/2] A worker looks on at a construction site of residential buildings by Chinese developer Country Garden, in Beijing, China August 11, 2023. Non-payment would trigger cross defaults in other Country Garden bonds as is standard in bond contracts. Country Garden reiterated on Wednesday that it expects to be unable to meet all of its offshore debt obligations and hopes to seek a "holistic" solution to its difficulties. Shares in Country Garden have lost some 70% of their value this year but gained some ground on Wednesday, rising 2.7%. "I think Country Garden offshore US dollar bond pricing speaks for itself as to the current expectations," said Real Estate Foresight co-founder Robert Ciemniak who publishes on Smartkarma.

Persons: Tingshu Wang, Cedric Rimaud, Garden's, China Evergrande, Robert Ciemniak, Clare Jim, Xie Yu, Scott Murdoch, Anne Marie Roantree, Edwina Gibbs Organizations: REUTERS, HK, Foresight, Data, JPMorgan, Mainland Properties, Thomson Locations: Beijing, China, HONG KONG, U.S, Hang, Hong Kong

[1/2] A worker looks on at a construction site of residential buildings by Chinese developer Country Garden, in Beijing, China August 11, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsHONG KONG, Oct 18 (Reuters) - The grace period for Chinese property developer Country Garden Holding's (2007.HK) $15 million coupon payment has expired with no word that the money has been paid. Country Garden did not immediately respond to a request for comment. 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. A default would open the way for Country Garden's offshore creditors to begin negotiations with the firm's financial advisors.

Persons: Tingshu Wang, Clare Jim, Scott Murdoch, Xie Yu, Sonali Paul, Edwina Gibbs Organizations: REUTERS, HK, Data, JPMorgan, Mainland Properties, Thomson Locations: Beijing, China, HONG KONG, China's, Hang, Hong Kong, Sydney

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. The company last week warned of its inability to meet offshore debt obligations. Country Garden did not immediately respond to a request for comment from Reuters on Wednesday. With nearly $11 billion of offshore bonds and $6 billion of onshore loans, a default by Country Garden would set the stage for one of China's biggest corporate debt restructurings. 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.

Persons: Aly, Scott Murdoch, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, Rights, Garden Holdings, HK, Reuters, Thomson Locations: Shanghai, China, New York, China's, Sydney

☆ Reality check, as Country Garden sells down a barely started Australia project
▼ + stars: | 2023-10-18 | by ( Byron Kaye | ) www.reuters.com time to read: +5 min

That has left Country Garden, once China's biggest private developer, which on Wednesday reiterated it was unlikely to meet all of its offshore debt repayments amid liquidity problems, trying to sell a project that is barely started and mired in uncertainty. Unlike Country Garden's other global projects, its financial exposure in Australia is mostly land purchase price and costs associated with subdivision. Country Garden Australia CEO Guotao Hu said in a statement the company's Australian assets "continue to perform well, in line with normal market behaviour and as planned". Country Garden did not disclose a purchase price when it announced the subdivision project in 2019, with a declaration at the time that "Risland is with the Wilton community for the long term". The Chinese firm has not said how much it hopes to make by selling most of the project.

Persons: Sebastian Pfautsch, Wilton, Suzy Brandstater, it'll, it's, Guotao Hu, Byron Kaye, Jamie Freed Organizations: HK, Wilton Greens, University of Western, Garden, Thomson Locations: Sydney, WILTON, Australia, Malaysia, Forest, Sydney's outskirts, Wilton, University of Western Sydney

REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsHONG KONG/LONDON, Oct 17 (Reuters) - Bond yields rose on Tuesday and stocks steadied as markets continued to retrace last week's moves to safe-haven assets, focusing on corporate earnings prospects and the resilience of the U.S. economy rather than tensions in the Middle East. Benchmark 10-year bond yields in the U.S. and Germany (Bunds) rose around 5 basis points (bps) on Tuesday having risen 5-8 bps Monday - bond yields move inversely to prices. Israel's shekel remained on the weak side of the 4 per dollar level it softened to for the first time since 2015 on Monday. Russian President Vladimir Putin on Tuesday arrived in Beijing to meet Chinese President Xi Jinping even as the war in Ukraine raged on. If investors do not receive the coupon payment, all of Country Garden's offshore debts will be deemed in default.

Persons: DAX, Kai Pfaffenbach, Banks, BNY, Goldman Sachs, We're, Jorge Garayo, Joe Biden, Israel, Israel's shekel, Vladimir Putin, Xi Jinping, BoE, Gold, Brent, Selena Li, Alun John, Shri Navaratnam, Ed Osmond, Alex Richardson Organizations: Deutsche, REUTERS, Bank of America, Treasury, Bund, Societe Generale, U.S, Israel, Hamas, Iran's, Tuesday, HK, Bank of England, Swiss, Venezuela, Thomson Locations: Frankfurt, Germany, HONG KONG, U.S, Iran, Gaza, Beijing, Ukraine, Friday's, Washington, Israel, Hong Kong, London

☆ 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

☆ Asia stocks rise on earnings hopes; keep wary eye on Mideast tensions
▼ + stars: | 2023-10-17 | by ( Selena Li | ) www.reuters.com time to read: +3 min

A man looks at an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan June 14, 2023. Overnight the S&P 500 (.SPX) had climbed 1%, while oil prices and the U.S. dollar had fallen. Benchmark 10-year Treasury yields are about 15 basis points off 16-year highs, though they crept higher in Asia trade Tuesday to 4.7331%. The euro traded at $1.0549 and the yen hovered just short of the 150-per-dollar mark at 149.53. If investors don't receive the coupon payment, all of Country Garden's offshore debts will be deemed in default.

Persons: Kim Kyung, Kerry Craig, Goldman Sachs, Morgan Stanley, Johnson, Craig, Joe Biden, Israel, Israel's shekel, Bitcoin, Selena Li, Shri Navaratnam Organizations: Nikkei, REUTERS, Tokyo's Nikkei, U.S ., Morgan Asset Management, Bank of America, Johnson, Netflix, Federal Reserve, Israel, Hamas, Iran's, HK, Brent, BlackRock, Thomson Locations: Tokyo, Japan, HONG KONG, U.S, Asia, Pacific, Gaza, Iran, Zealand, Brent

Search resuls for: "Arden's"

25 mentions found