Country Garden dropped to sixth place in the rankings compiled by CRIC Country Garden’s two-year reign as China’s biggest developer came crashing to earth in 2023 as the Guangdong-based builder’s contracted sales plunged 53.3 percent on the year to RMB 216.9 billion ($30.6 billion). After knocking longtime champion China Evergrande out of the top spot in 2021 and maintaining the No.1 ranking in 2022, Country Garden slipped to sixth place last yea…
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Country Garden Buys 2nd Sydney Site for $35 Mil
…ivate home sites into high rise condo towers Chinese residential developer Country Garden has acquired a second residential site in Sydney after a three-year hiatus. After several false starts, and a change of general manager in its Australian operations, the company has now secured a site amalgamated from 10 private houses in the booming suburb of St Leonards, just north of Sydney CBD for a price of about A$45 million ($34.5 million), according t…
Country Garden Tops Evergrande to Take China’s 2017 Real Estate Sales Crown
…was China’s biggest developer by contracted sales in 2017 Guangdong-based Country Garden achieved contracted sales of RMB 580.8 billion ($89.3 billion) in 2017 to oust billionaire Xu Jiayin’s Evergrande Real Estate from its position as China’s biggest selling developer and seize the title as mainland sales king, figures from real estate website Guandian show. Although the same three developers dominated the top ranks of China’s homebuilders in 20…
Country Garden Gets Nod To Issue $1.6B in Rental Housing Securities
…ing, with the Shenzhen stock exchange giving the green light for developer Country Garden to launch RMB 10 billion ($1.6 billion) worth of asset-backed securities linked to rental apartments. The product, which is similar to a real estate investment trust (REIT), is the largest security issued in China’s rental housing sector to date, as well as the largest near-REIT in the nation. Country Garden, China’s biggest property developer by sales, will…
Country Garden Stops Buying Land in 3rd, 4th-Tier Cities After RMB 20B Bond Sale Aborted
…conditions and an ongoing government crackdown on real estate speculation. Country Garden Holdings has abandoned its “full coverage” program put in place late last year that incentivised local and regional managers to expand into new cities, according to a report in local state-run media outlet thepaper.cn. The change of course by the Guangzhou-based developer comes just over a month after it dropped plans for a RMB 20 billion ($3.12 billion) dome…
$100B Country Garden Malaysia Project in Doubt on Mahathir Warning
Country Garden’s Forest City runs aground as Dr M steps in Country Garden’s massive 14-square-kilometre, $100 billion Forest City (森林城市) project in Johor, Malaysia may not be completed as planned following comments by Malaysian Prime Minister Mahathir Mohamad suggesting that foreigners will not be permitted to live in the new city. The property is heavily marketed in China, with Malaysians buying very few of the units sold so far. “One thing is c…
Country Garden Restarts Work on Scaled Back $121B Malaysian Project
…r state after complaints from local citizens and the Singapore government. Country Garden’s Forest City development was originally planned to cover nearly 2000 hectares of land, constituted almost entirely of reclaimed land creating four new islands in a bay between Malaysia and Singapore. However, work was halted on the project more than eight months ago after the land reclamation was blamed for massive fish deaths and Singapore reportedly sent t…
Country Garden CFO Resigns Amidst Board Upheaval
…ut the balance sheet of China’s third-largest property developer by sales, Country Garden chief financial officer Wu Jianbin has left the company citing personal reasons. “Mr Wu Jianbin has tendered resignation from his positions… due to his plan to devote more time to his personal interests (photography and writing), with effect from 1 April 2017,” Country Garden said in a filing to the Hong Kong Stock Exchange dated Wednesday. Also departing the…
Country Garden Shares Hit All-Time Low After Developer Halts Onshore Bond Trading
…n is struggling to complete projects as it runs low on cash (Getty Images) Country Garden Real Estate Group has shown signs of deeper financial challenges as the company halted trading of 11 onshore bonds beginning Monday, prompting investors to drive its shares to their lowest level since the company’s 2007 IPO. Ranked as China’s largest real estate developer in 2022, Country Garden revealed the trading halt in a filing Sunday evening. Resumption…
Country Garden Delays Annual Results as Chinese Developers Report More Losses
Country Garden chairwoman Yang Huiyan (Image: Country Garden Weibo) Country Garden, China’s largest private property developer, has delayed the publication of its 2023 financial results, citing the need to collect more information to make appropriate accounting estimates and judgments. In a filing to the Hong Kong Stock Exchange on Thursday, the embattled builder said it needs more time to assess its current and future financial resources and obl…
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