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The latest major industry player to get into trouble is Country Garden, once China’s largest developer. Several of Country Garden’s yuan-denominated bonds were suspended from trading in Shanghai and Shenzhen on Tuesday after they dropped by more than 20%. Country Garden did not respond to a request from CNN for comment. An aerial view of a residential project developed by Country Garden Holdings is seen in Zhenjiang, Jiangsu province on October 31, 2021. Property crisis deepensChina’s property industry has been mired in a historic downturn in the past two years.
Persons: , Fang Dongxu, , Edward Moya, Moody’s, Kaven Tsang, Li Qiang Organizations: Hong Kong CNN —, Reuters, CNN, Country Garden Holdings, China Index Academy, Oanda, China’s, People’s Bank of Locations: Hong Kong, Shanghai, Shenzhen, Zhenjiang, Jiangsu province, China, Moody’s, Beijing, People’s Bank of China
That this is happening to Country Garden is alarming investors. It had largely benefited from measures to bolster the property market last year that included more financial support. But recent events have led Country Garden to a point of distress that was unthinkable a year ago, when it was making nearly $50 billion in sales. The worry now is that even as Beijing has pledged more support to the property market, the measures may not be enough. But if Country Garden doesn’t make the payments it will trigger a default, scaring those who have lent it money in the past.
Persons: Sandra Chow Organizations: Pacific Research Locations: Beijing, China, Shenzhen, Shanghai, Asia, Pacific, CreditSights
Mauricio Diazgranados Is a Botanist in a Hurry
  + stars: | 2023-07-31 | by ( Jennie Erin Smith | ) www.nytimes.com   time to read: +2 min
A decade ago, when Dr. Diazgranados was head of Bogotá’s botanical garden, he took on the construction of a new herbarium and the largest greenhouse in the Americas, before a change in mayoral administrations swept out its leadership and he packed his bags for London. He published a world checklist of useful plants, a virtually boundless, searchable database of species that supply food, medicine, fiber and fuel, or help mitigate the effects of climate change. “What I need to do now is figure out how this institution can respond better to these challenges.”Dr. Diazgranados’s offices are in the garden’s glass-walled plant research laboratory, nestled in an old-growth oak forest. Here, researchers draw on collections of resins, seeds and plants preserved in spirits or in silica powder, along with vast banks of DNA samples and plant chemicals. The bridge between the botanical garden as a public attraction and a research facility is its living collection, whose plants are routinely sampled to help answer questions in plant genetics, structure and evolution.
Persons: Diazgranados, , ” Dr Organizations: Royal Botanic, New Locations: Americas, London, Kew, Colombia, Peru
"The major thing that we see now is onshore-traded Country Garden bonds going down," he said. Country Garden is a giant with thousands of projects in nearly 300 Chinese cities. Li Changjiang, the president of Country Garden Services, sold 3.2 million shares of the company last week, reducing his stake to 0.11% from 0.21%. They also cut its price target to HK$0.9 from HK$2.3 and that of Country Garden Services Holdings to HK$6.7 from HK$22. "Distressed Chinese property developers’ bond restructurings can buy them some room," Fitch Ratings said in a report on Monday.
Persons: Longfor, Wanda, Yao Yu, Morgan Stanley, Morgan, Li Changjiang, Fitch, Jason Xue, Tom Westbrook, Clare Jim, Xie Yu, Georgina Lee, Marc Jones, Kim Coghill, Jamie Freed, Barbara Lewis, Christina Fincher Organizations: HK, Dalian, Garden, Country Garden Services, Garden Holdings, Garden Services Holdings, China, Greenland Holdings, Ocean Group, Thomson Locations: SHANGHAI, SYDNEY, China, Hong Kong, Evergrande, Cayman Islands, Shanghai, Sydney, London
Croatia's little-visited coastline above Dubrovnik
  + stars: | 2023-06-05 | by ( Mary Novakovich | ) edition.cnn.com   time to read: +11 min
There’s even Kornati National Park, one of Croatia’s most compelling natural spaces, spread over 89 islands. Meanwhile, Trogir – whose old town occupies its own little island – is a magical place protected by UNESCO World Heritage status. In just one square within the walled old town you’ll be immersed in centuries of history. Primošten’s old town is on its own little island connected to the newer town by a causeway. Look out for a little promontory just to the north of the old town, where you’ll see pebbly beaches backed by pine trees.
Persons: Trogir, Anastasia, Danny Lehman, , you’ll, Trg, Mary’s, Boonchet, Nikola Bašić, you’ve, Nin, Veli, it’s, Anton Petrus, there’s, Jakov, Ivan Coric, You’ll, George, Andrey Omelyanchuk, Mary Novakovich, Organizations: CNN, Dalmatia, UNESCO World, Kolovare, Getty, Yugoslav, UNESCO Locations: Split, Dubrovnik, Croatian, Croatia’s, Zadar, Trogir, You’ll, Šibenik, Zadar's, Donat’s, St, Mary’s, you’re, Kolovare, Bibinje, Nin, , Sakarun, Dugi, Murter, Sibenik's, Lawrence’s, Krka, Skradin, Primošten, Čiovo, Riva
CNN —Josef Newgarden won the 107th running of the Indianapolis 500 in a wild finish Sunday after three crashes in the last 16 laps. When the checkered flag finally waved after nearly three hours, it was Newgarden who claimed his first Indy 500 win – but getting there required a lot of drama. The green flag waved again with one lap to go, and Ericsson initially extended his lead over the chasing Newgarden. But Newgarden caught Ericsson and slingshot past him on the back straightaway to reclaim the lead. “I’ve always wanted to go into the crowd here in Indianapolis,” Newgarden said in a postrace interview on NBC’s telecast.
What Carmelo Anthony Meant to New York City
  + stars: | 2023-05-27 | by ( Kris Rhim | ) www.nytimes.com   time to read: +1 min
There were many moments that evoked roars inside Madison Square Garden when the Knicks faced the Miami Heat in Game 2 of the Eastern Conference semifinals this month: when Jalen Brunson hit a 3-pointer late in the fourth quarter, prompting a Heat timeout, or any of the five times RJ Barrett sank a 3, sending the Garden’s white-knuckled Knicks fans into a frenzy. But the loudest roar that night came during a stoppage in play when a large video screen showed Carmelo Anthony sitting courtside. Anthony stood with one hand raised as most of the fans gave him a standing ovation, showering him with applause and cheers as if he had just made a game-winning shot. Anthony never won a title for the Knicks or even made a conference finals in his six and a half seasons with the team, but the moment was a reminder of how much he still means to New York. The city had yearned for a star after years of mediocrity and got one in Anthony, a Brooklyn native ready to make Knicks games exciting again.
The E-Sports World Is Starting to Teeter
  + stars: | 2023-05-20 | by ( Kellen Browning | ) www.nytimes.com   time to read: +1 min
Six years ago, the Madison Square Garden Company, a group that includes James Dolan, the owner of the New York Knicks and the New York Rangers, announced a triumphant entrance into sports’ next frontier: a professional video game league. As e-sports revenue fell below expectations and investors became skeptical of the industry, Madison Square Garden’s owners last year tried to find a way out of the business by selling their marquee team. After years of fanfare, e-sports in the United States are giving way to economic realities. Unable to turn a profit, team owners are cutting costs by laying off employees and ending contracts with star players. In some cases, they are selling their teams and sometimes at a loss, offering a blunt reality check to people who believed e-sports could be the next big thing in entertainment.
This article is part of our Museums special section about how art institutions are reaching out to new artists and attracting new audiences. This is not your grandfather’s artist in the garden, not the usual sculptures and paintings simply set among the plants. The garden’s designers call their work horticultural theater, and they go at it as if they were staging a play. The Tiffany exhibition, “Tiffany: The Pursuit of Beauty in Nature,” runs through June 25. Forty-two works by Louis Comfort Tiffany serve as the reference point for the botanical interpretations, which are sprinkled throughout Selby Gardens, a 15-acre oasis on a peninsula jutting into Sarasota Bay.
MALATYA, Turkey, March 4 (Reuters) - The Trend Garden Residence, an upscale serviced apartment building in the Turkish city of Malatya, boasted a gym, freshly-furnished rooms and a roof-top cafeteria. Erdogan, who has led Turkey since 2003, said following the disaster that building standards have improved under his watch. Among those arrested as part of the Trend Garden probe is Engin Aslan, according to the government officials. Corporate records show he is the majority owner of a Turkish company that, according to land registration documents, owns the building. A spokesperson for the Yesilyurt district municipality, where Trend Garden was located, declined to comment about the building’s registration history.
Yang Guoqiang, founder of Country Garden, attends a signing ceremony in November 2017 in Guangdong province. VCG/Getty ImagesThe elder Yang was a farmer and construction worker before he founded Country Garden in 1992. In little more than a decade, he grew the firm into one of the largest real estate developers in the country. Last year, Country Garden was China’s No 1 developer by sales, which reached $67 billion. An aerial view of a residential project developed by Country Garden in Zhenjiang city in eastern China's Jiangsu province in October 2021.
New York Attorney General Letitia James is requesting information from Madison Square Garden Entertainment Corp. related to its alleged use of facial recognition technology to prevent certain ticketholders from entering its venues. The state attorney general’s office said Wednesday that the company, which operates well-known New York venues including Madison Square Garden and Radio City Music Hall, has reportedly used the technology to bar entry for lawyers who are currently suing it over unrelated matters.
We talked to four people who emptied their life savings and took out huge loans for homes that have not been completed. “It was a simple dream — to have a home, a family,” Mr. Tang said. Mr. Tang, who works in a restaurant, sold a small place he had out in the countryside. “When I think about the unfinished apartment, it’s as if I’m falling from heaven to hell, ” Mr. Tang said. Homeowners atop one of the unfinished apartment towers call for construction to fully resume.
New York CNN —High lettuce costs are coming for Olive Garden’s never-ending salad. Olive Garden's parent company said high lettuce costs had a $4-$5 million impact in the quarter ending November 27. But the lettuce prices were “a big surprise.”California crop diseaseCrop disease in California, where much of the country’s lettuce is grown, has hit lettuce supply and forced prices to rise. The crop virus in addition to the geographical shift “was the perfect recipe for really historically high prices,” he said. High lettuce prices are hitting consumers in the grocery store, as well.
The move is the latest regulatory easing as Beijing steps up support for the property business, a sector that accounts for a quarter of the Chinese economy. Yuan-denominated bonds issued by Chinese developers CIFI Group, Guangzhou Times Holdings, Country Garden rocketed between 20% and 50% each on Tuesday. “Most of the funding channels the property developers need are covered now,” said Gary Ng, senior economist at Natixis. “It is now up to whether the market, or basically the state players will actually support the sector,” he said. If funds could be raised from state-backed investors, there will be meaningful consolidation in the property sector, Ng said.
I can always write an awful lot that I can’t draw,” Jony Ive , the mastermind behind Apple ’s most revolutionary products, says as he holds up a Space Age–style coffee cup. “If I draw this, it only captures certain attributes.”Ive is sitting in the garden of a Pacific Heights carriage house high in the San Francisco hills, a building he converted into a private studio and occasional crash pad for friends. Apart from the cup—devised by Ive’s business partner and fellow designer, Marc Newson, and made by the Japanese brand Noritake—Ive designed nearly every indoor and outdoor element of this deceptively simple space, down to the gray marble bathroom sink and the garden’s round, rough-hewn stepping stones.
China property IPO bets on big name to calm fears
  + stars: | 2022-09-22 | by ( Jennifer Hughes | ) www.reuters.com   time to read: +4 min
REUTERS/StringerHONG KONG, Sept 22 (Reuters Breakingviews) - Big names generate deal interest, but that comes with risks, too. At the top of the price range, residential and commercial property manager Onewo will raise about $790 million in what will be Hong Kong’s biggest initial public offering. Two years ago, similar floats were commanding valuations of up to 27 times expected earnings. Those were better times: a Hong Kong index for the sector has dropped 72% since then. Parent Vanke will take some comfort however from other recent listings in Hong Kong.
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