…t Bund area of Shanghai’s Yangpu district (Getty Images) Chinese developer Country Garden appears headed for a full-scale restructuring after announcing Wednesday that “significant uncertainties” exist regarding the settlement of onshore bonds with an issued amount in excess of RMB 14.6 billion ($2 billion). The lion’s share of the debt is from a Shanghai-listed RMB 5.83 billion bond with a remaining balance of more than RMB 3.9 billion that comes…
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Country Garden Closes Sales Offices for $100 Bil Malaysia Project Amid Capital Clampdown
…authorities in Beijing keep a tight grip on the country’s capital account. Country Garden Holdings has shut the doors to sales offices in Shanghai and other Chinese cities for its 1400-hectare Forest City development in Malaysia’s Iskandar region. The Guangdong-based developer had been selling as much as 90 percent of the units at the project to clients from mainland China, before capital controls apparently struck the latest blow to the planned c…
Country Garden Downgraded by S&P as Weak Sales Squeeze Liquidity
…dity risks amid slowing sales (Getty Images) S&P Global Ratings downgraded Country Garden on Monday after the business performance of China’s top developer by sales failed to meet expectations and stirred doubts about the group’s liquidity in the years ahead. S&P lowered its long-term issuer credit rating on Country Garden by one notch to BB, with a negative outlook reflecting the risk that the company’s liquidity buffer and leverage could further…
Country Garden Names New Board Members as Chairman’s Nephew Loses Seat
Country Garden CFO Wu Bijun is joining the board Mainland developer Country Garden Holdings announced this past week that two of its executive directors have tendered their resignations, as China’s largest developer by sales struggles financially, including having launched three major equity sales totalling HK$13.73 billion ($1.75 billion) since late November. Yang Zhicheng, the 48-year-old nephew of Country Garden chairman Yang Guoqiang (or Yeun…
Customers Throw Stones as Country Garden Discounts Mainland Homes
…t a sales office in Jiangxi province During China’s golden week, buyers of Country Garden homes mobbed the company’s sales centres in several cities after the country’s largest developer by sales began offering discounts that made new homes cheaper than the price paid by earlier customers. The activist consumers became enraged after Country Garden had reduced home prices at some projects by as much as 30 percent compared to one year ago. Some cust…
Country Garden Selling $34M in Shares to Pay Off Kingboard Loan
…ry Garden is offering equity as a means to repay some debts (Getty Images) Country Garden’s scramble to make good on debts continued Wednesday, with the Chinese homebuilder agreeing to sell HK$270 million ($34.4 million) in new shares to Kingboard Holdings in order to make a loan payment to the Hong Kong-based laminates maker and property investor. The new shares represent 1.27 percent of the existing issued share capital of Country Garden Holding…
Country Garden Services Executive Resigns, Share Option Scheme Cancelled
…en’s property management arm is working through some things (Getty Images) Country Garden Services Holdings on Wednesday announced the resignation of an executive director and the cancellation of the company’s 2020-era share option scheme. The property management arm of troubled Chinese developer Country Garden said Guo Zhanjun stepped down with immediate effect to devote more time to human resources and marketing management as a result of adjustm…
Country Garden Threatens Penalties for Defaulting Mainland Buyers at $100B Malaysian Project
Country Garden vice president Zhu Jianmin Following media reports that Country Garden would give refunds to Forest City buyers caught up in China’s recent capital control measures, the Guangzhou-based developer has announced that buyers cancelling their purchases at the project in Malaysia’s Iskandar area would be liable for penalties, according to an account in Singapore’s Straits Times, citing a statement from the Hong Kong-listed firm. “We wou…
Country Garden Holdings Appoints US Chief Representative
…he move is significant as it seems to portend expansion by Guangdong-based Country Garden into the North American market. According to an Internet posting by Patrick Zhu, formerly based in China as a Vice President with real estate consultancy JLL (until recently known as Jones Lang LaSalle), the hotel investment specialist has recently taken on the role of US Chief Representative with Country Garden. In late February the developer, which is among…
Country Garden Picks Up Suburban Melbourne Site for $304M
Yang Guoqiang, chairman of Country Garden China’s Country Garden has scooped up a residential site in a suburb of Melbourne for A$400 million ($303.6 million), where it could build more than 4,000 houses. Should the deal by the top five mainland developer win approval from Australia’s Foreign Investment Review Board (FIRB), it would be the largest-ever Chinese land buy in the city and marks Country Garden’s first project in the state of Victoria….
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