…elow the 10 billion yuan recorded in the first half,” Mo Bin, president of Country Garden told the South China Morning Post as China’s third-largest developer released its first half financial results last week. In March last year the Guangzhou-based homebuilder recommenced work on Forest City, a 1400-hectare development it is building in partnership with the royal family of Malaysia’s Johor State, after earlier protests by locals and objections b…
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Country Garden Issues RMB 1.7B in Rental Housing-Backed Securities
…untry Garden has won approval for RMB 10B in ABS Guangzhou-based developer Country Garden has successfully sold off RMB 1.7 billion ($270 million) in securities backed by cashflows from its rental housing initiative, according to a report in the official Shanghai Securities News on Friday. The sale, which has been announced as the first tranche of RMB 10 billion ($1.6 billion) worth of securities backed by income from Country Garden’s rental housi…
Country Garden Plans for a Robot Valley in Foshan
…y Garden wants to bring robots to southern China Chinese real estate giant Country Garden recently announced plans to build a 10-square-kilometre (3.9-square-mile) industrial park through its wholly owned subsidiary Bright Dream Robotics, according to Yicai.com. The Robot Valley project will be located in the southern Guangdong city of Foshan. Foshan-based Country Garden promised to invest at least RMB 80 billion ($11.7 billion) into the research…
Country Garden Selling $360M in Discounted Shares to Aid Offshore Refinancing
…s at a 12.6 percent markdown to their trading price (Source: Getty Images) Country Garden Holdings, long considered one of the healthier specimens among China’s ailing developers, plans to sell HK$2.83 billion ($361 million) in new shares at a discount to shore up its decaying financial position. Guangdong-based Country Garden will place 870 million shares at a price of HK$3.25 each, representing a 12.6 percent markdown to Tuesday’s closing price…
Country Garden Boss Yang Guoqiang Steps Aside as Daughter Named Sole Chairman
…o serve as a special advisor to the group A long anticipated succession at Country Garden Holdings has moved forward as chairman and executive director Yang Guoqiang hands the reins to daughter Yang Huiyan, adding to a string of mainland developer founders stepping back from their posts during China’s property crisis. Yang Guoqiang, also known as Yeung Kwok Keung in Cantonese, tendered his resignation from his positions for age reasons with effect…
Country Garden Posts Six-Month Loss of $6.7B, Acknowledges Future in Doubt
…rden admitted to some ill-advised bets in lower-tier cities (Getty Images) Country Garden Holdings posted a first-half loss attributable to shareholders of RMB 48.9 billion ($6.7 billion), reversing a RMB 612 million profit recorded a year earlier, as the embattled Chinese developer acknowledged for the first time that “material uncertainties” threaten its ability to continue as a going concern. Country Garden’s revenue in the six-month period ros…
Country Garden Hires Advisors as 17 October Default Deadline Looms
…as it approaches a 17 October bond payment deadline amid collapsing sales. Country Garden Holdings alerted the Hong Kong stock exchange early on Tuesday that it has hired investment banks Houlihan Lokey and China International Capital Corporation (CICC) as well as law firm Sidley Austin to advise on its finances and liquidity, pointing to a debt restructuring as it admitted to missing HK$470 million ($60 million) in bond payments due on Monday (9…
Country Garden, Yonghui Offload Wanda Stakes as PAG-Led Investors Take Control
Country Garden chairwoman Yang Huiyan (Image: Country Garden Weibo) Chinese developer Country Garden has agreed to sell its minority stake in the mall business of embattled peer Dalian Wanda Group for RMB 3.07 billion ($428 million), as the heavily indebted builder continues to liquidate assets amid a protracted funding crisis. The disposal of its 1.79 percent stake in Zhuhai Wanda Commercial Management Group, which managed 494 malls in China as…
Country Garden Raises $813M in Share Sale to Ping An Insurance
…a shortage of both customers and funds in 2015. Yang Guoqiang, chairman of Country Garden The sale of 2.24 billion newly issued shares by Country Garden Holdings means that the Guangzhou-based developer is selling 9.9 percent of its stock (post-sale) at a 10 percent discount to the company’s share price before the deal was announced. The share transaction was made public in an announcement published on the Hong Kong stock exchange, where Country G…
Country Garden Led Mainland Developers in Jan with Biggest Sales Month Ever
…Garden boss Yang Guoqiang can toast his RMB 69 billion of sales in January Country Garden’s status as China’s biggest developer by sales remains intact, after announcing a record RMB 69.16 billion ($11 billion) in new contracts in January, beating out mainland rivals China Evergrande and China Vanke. The sales volume represents a 42 percent year-on-year jump from last January’s RMB 48.6 billion ($7.7 billion). In total, the Guangdong-based develop…
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