How Country Garden Plays Into China’s Property Mess
9 months, 3 weeks ago

How Country Garden Plays Into China’s Property Mess

Bloomberg  

China’s real estate crisis is rumbling on, depriving the world’s No. One of the biggest casualties of the slump is Country Garden Holdings, once China’s largest property developer, which posted a record loss in August and now faces potential liquidation. Headquartered in the southern city of Foshan, Country Garden was China’s largest developer by contracted sales from 2017 — when it took the top spot from China Evergrande Group — through 2022. Country Garden has acknowledged it didn’t adopt timely measures to deal with the slowdown and failed to recognize the risks of its heavy reliance on lower-tier markets. Country Garden chair Yang Huiyan, once Asia’s richest woman, has seen her fortune plummet.

China Country Garden  garden  failed  developer  property  country  largest  late  plays  chinas  cities  slowdown  mess  slump

History of this topic

Country Garden sales drop 72% as China’s housing woes persist
4 months, 2 weeks ago

Country Garden sales drop 72% as China’s housing woes persist

Hindustan Times  

-- Country Garden Holdings Co.’s sales slump dragged on last month, adding to the Chinese developer’s woes as it tries to avoid liquidation. Country Garden Holdings Co.’s sales slump dragged on last month, adding to the Chinese developer’s woes as it tries to avoid liquidation Contracted sales for July dropped 72% from a year earlier to 3.41 billion yuan, following …

Country Garden delays results, expects trading suspension
8 months, 3 weeks ago

Country Garden delays results, expects trading suspension

Hindustan Times  

-- Country Garden Holdings Co., one of China’s biggest property developers, warned it will miss a deadline for reporting annual results, further complicating plans to restructure its debt following a default last year. Country Garden Holdings Co., one of China’s biggest property developers, warned it will miss a deadline for reporting annual results In a surprise announcement late Thursday, the …

China let property giants Evergrande, Country Garden go bust, but won't do so for Vanke | Here's why
9 months, 1 week ago

China let property giants Evergrande, Country Garden go bust, but won't do so for Vanke | Here's why

Firstpost  

China Vanke’s government backing, relatively decent credit rating, and its role in preserving market confidence are likely factors pushing authorities to support the real estate major. Notably, such generosity was not offered to China Evergrande and Country Garden The Chinese government is making a rare intervention to help the beleaguered property giant, China Vanke. Such support was nowhere in sight …

Chinese developer Country Garden says it can’t meet debt payment deadlines after sales slump
1 year, 2 months ago

Chinese developer Country Garden says it can’t meet debt payment deadlines after sales slump

Associated Press  

HONG KONG — Chinese property developer Country Garden warned Tuesday that it cannot repay on time a 470 million Hong Kong dollar loan in the latest sign of distress after Beijing clamped down on mounting debts in the industry. The company said its sales were under “remarkable pressure.” Country Garden earlier had been hailed as a model real estate company …

China's largest property developer Country Garden faces collapse, suffers net loss of 51.5 billion yuan in 6 months
1 year, 3 months ago

China's largest property developer Country Garden faces collapse, suffers net loss of 51.5 billion yuan in 6 months

Op India  

China’s largest property developer, Country Garden, said that it faced a loss of USD 7.1 billion in the first six months of the year, mounting pressure on the Chinese homebuilder already experiencing a financial meltdown, The New York Times reported. As China’s economy has slowed recently, the already slow real estate market has come to a complete halt, putting Country …

China's property giant Evergrande files for bankruptcy, Country Garden looking at USD 7.6 billion loss
1 year, 4 months ago

China's property giant Evergrande files for bankruptcy, Country Garden looking at USD 7.6 billion loss

Op India  

The property crisis in China, which has led to billions of dollars flowing out of the country, is not just Beijing’s own making but has also exposed the ‘reality’ of Beijing’s property boom, the New York Times reported. More than 50 Chinese property developers have defaulted or failed to make debt payments in the last three years, NYT reported citing …

China’s government tries to defuse economic fears after real estate developer’s debt struggle
1 year, 4 months ago

China’s government tries to defuse economic fears after real estate developer’s debt struggle

Associated Press  

BEIJING — China’s government is trying to reassure jittery homebuyers after a major real estate developer missed a payment on its multibillion-dollar debt, reviving fears about the industry’s shaky finances and their impact on the struggling Chinese economy. Country Garden’s debt struggle might “drive potential homebuyers away from privately owned developers,” Moody’s Investors Service said in a report. That would …

Can China fix its property crisis?
1 year, 11 months ago

Can China fix its property crisis?

Live Mint  

To judge by the high-rises dotted along the shore in Haiyang, a small coastal city, Country Garden’s prospects are pretty meagre. The volume of floor space sold across the country fell by 24% in 2022, the biggest slump since data became available in 1992; property investment was down 10% year on year, the first drop on record. This is a …

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