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Country Garden warned Wednesday that it could default on its vast debts as it reported a loss of 51.5 billion yuan ($7 billion) for the first six months of the year.
One of the largest Chinese real estate companies, Country Garden defaulted on $11 billion in offshore bonds in 2023 and said earlier this month that its debt restructuring proposal would reduce ...
China’s giant property developer Country Garden has been declared in default on its debt after failing to make a bond repayment by a final deadline of October 18.
Country Garden said Thursday that it would sell a stake in China's largest operator of shopping malls worth about $428 million. In a stock filing, the developer said the proceeds would help with ...
Country Garden said in a regulatory filing to the Hong Kong Stock Exchange it would "resolutely" oppose the petition, which was filed by a creditor, Ever Credit Limited, a unit of Hong Kong-listed ...
Risland Australia, [19] Country Garden's overseas venture in Sydney, garnered strong sales, with 296 apartments at its Ryde Garden development sold within six hours in late June 2014, generating US$169 million (AUD180 million) in the process. [35] In 2023 following Country Garden's bond default, the uncompleted project was sold to Frasers ...
In 2005, the Chinese property bubble was growing. Average land values in China tripled by 2009, and continued to 2011, when values temporarily stopped growing. Due to fiscal reforms from previous decades, local governments had become increasingly reliant on infrastructure development to earn revenue, through local government financing vehicles.
Country Garden is now the Hong Kong equivalent of a penny stock, trading below one Hong Kong dollar ($0.13) for over a week. Shares have lost over 70% of their value since the beginning of the year.