…ountry Garden has seen its sales drop 40% this year (Source: Getty Images) Country Garden Holdings Co says its downgrade to junk by a major credit agency won’t impact its debt-servicing ability and financing capability. In a separate announcement on Thursday the company announced progress on an early redemption of an offshore bond as China’s largest developer strives for an image of strength in a shaky industry. Moody’s Investors Service lowered C…
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Country Garden Heiress Selling $650M in Property Management Shares as Price Rebounds
…oman, Yang Huiyan has agreed to sell a portion of her controlling stake in Country Garden Services Holdings for about HK$5.06 billion ($650 million) to mark the third major sale of equity in the group within a month. Yang’s investment vehicle Concrete Win Ltd has agreed to dispose of 237 million shares in Country Garden Services, the listed property management arm of Country Garden Holdings, for HK$21.33 apiece to several independent investors, ac…
Country Garden Buys $562M East London Housing Project in First UK Foray
Country Garden boss Yang Guoqiang is betting on London Country Garden, China’s biggest developer by contracted sales, has made its British debut by buying up a 785-home project in east London for a reported £80 million ($112 million), in a rare recent acquisition of a UK development site by a mainland investor. Guangdong-based Country Garden partnered with an unidentified Hong Kong fund for the acquisition of the Ailsa Wharf site, which has been…
Country Garden Sells Melbourne Project to Frasers After Bond Default
…s Windermere project remains largely unfinished (Image: Risland Australia) Country Garden Holdings has agreed to sell an unfinished housing project near Melbourne, Australia to Singapore’s Frasers Property, market sources have confirmed to Mingtiandi, with the asset sale emerging during the same week that China’s largest developer formally defaulted on offshore debt for the first time. Branded as Risland Australia down under, Country Garden had be…
China’s Biggest Developer Country Garden Warns of 70% Profit Drop
…n remains top Chinese developer despite weak sales. (Source: Getty Images) Country Garden Holdings says that its net earnings are likely to have plunged by as much as 70 percent in the first half of 2022, as China’s deepening real estate crisis hammers the country’s largest developer. Guangdong-based Country Garden issued a profit warning on Thursday estimating that its core net profit for the first six months of the year could range from RMB 4.5…
China’s Country Garden Misses Bond Payments Amid Cash Crunch
…inishing homes for its customers and paying its bondholders (Getty Images) Country Garden Holdings has missed interest payments on a pair of offshore bonds, pushing China’s largest developer by sales closer to formal default and raising the spectre of a fresh round of failures in the mainland’s property industry. The Foshan-based builder failed to pay $22.5 million due on a pair of bonds, the company said on Tuesday, with those instruments worth a…
Country Garden Denies Bribing Politicians to Help Secure Sydney Area Sites
…pment application) approved projects right now. Today.” Unfortunately, for Country Garden Australia, part of Guangzhou-based Country Garden Holdings, the site-brokering was carried out by New South Wales Liberal MP Daryl Maguire and Canterbury City Councillor Michael Hawatt, and Maguire now says that Country Garden had retained him for the task. The phone conversation was recorded as a part of an investigation by local authorities in Australia, an…
Country Garden Seeking $616M from Second Share Sale in One Month
…n remains China’s top developer despite weak sales. (Source: Getty Images) Country Garden, China’s biggest builder by sales, is planning its second share sale in one month as it seeks to raise as much as HK$4.8 billion ($616.9 million) to help refinance its offshore debt. With its latest offering, Country Garden is planning to sell 1.78 billion shares at HK$2.70 per share, which represents a nearly 15 percent discount from the stock’s closing pric…
Country Garden Borrows $927M from Chairman and ICBC to Fill Cash Gap
…ntry Garden is under pressure to deliver homes to customers (Getty Images) Country Garden Holdings, the financially stressed Chinese real estate giant, has received a helping hand this week from the company’s co-chairman as well as the Industrial and Commercial Bank of China (ICBC) through two loans totalling $928 million. China’s top developer by sales has raised $280 million in financing from ICBC (Asia), the Hong Kong subsidiary of the mainland…
China’s Country Garden Warns of $7.7B Loss as Sales Slide
Skies aren’t looks so blue for Country Garden recently (Getty Images) Country Garden Holdings, China’s largest developer by sales in 2022, warned late Thursday that it expects to report a loss of RMB 45 billion to RMB 55 billion ($6.26 billion to $7.65 billion) for the first six months of the year following a decline in sales. The loss is a turnaround from the RMB 1.91 billion net profit it reported for the same period last year, with the company…
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