China Property Giant Country Garden Pays $118 Million of CNY Bond in Full to Avoid Another Missed Payment, Defaulted on USD Bond Interest of $15.4 Million in October 2023 after Missing 30-Day Grace Period for 17th September 2023 Coupon, Trustee Needs to Declare Principal & Interest Due Immediately Should More than 25% of Bondholders Demand for Payment
15th December 2023 | Hong Kong
China property giant Country Garden has repaid $118 million of CNY bond in full to investors to avoid another missed payment, having defaulted on the USD bond interest payment of $15.4 million in October 2023 after missing the 30-day grace period for the 17th September 2023 coupon (bond). The trustee (Citigroup) needs to declare principal & interest due immediately should more than 25% of bondholders demand for payment. Separately, China property giant Country Garden has sold 1.79% shareholding of Zhuhai Wanda Commercial Management for $428 million (HKD 3.07 billion) to main shareholder Dalian Wanda with 3 payments to be received by March 2024. Earlier in October 2023, Country Garden had issued a warning of inability to repay offshore debts, missing bond coupon since September 2023. The founding family of Country Garden had recently provided a $300 million interest free financing to Country Garden. In September 2023, China property giant Country Garden paid 2 coupon payments for 2 USD bonds before the 30-day deadline and avoids default. Earlier in September 2023, Country Garden received approval from creditors to extend maturity of $540 million bond from 2nd September 2023 by 3 years and avoids default, with 56.08% voted extension, 43.64% opposed & 0.28% abstained. More info below:
“ China Property Giant Country Garden Pays $118 Million of CNY Bond in Full to Avoid Another Missed Payment, Defaulted on USD Bond Interest of $15.4 Million in October 2023 after Missing 30-Day Grace Period for 17th September 2023 Coupon, Trustee Needs to Declare Principal & Interest Due Immediately Should More than 25% of Bondholders Demand for Payment “
China Property Giant Country Garden Sells 1.79% Shareholding of Zhuhai Wanda Commercial Management for $428 Million to Main Shareholder Dalian Wanda with 3 Payments to be Received by March 2024
15th December 2023 – China property giant Country Garden has sold 1.79% shareholding of Zhuhai Wanda Commercial Management for $428 million (HKD 3.07 billion) to main shareholder Dalian Wanda with 3 payments to be received by March 2024. In October 2023, Country Garden defaulted on the USD bond interest payment of $15.4 million after missing the 30-day grace period for the 17th September 2023 coupon (bond). The trustee (Citigroup) needs to declare principal & interest due immediately should more than 25% of bondholders demand for payment. The international Credit Derivatives Determinations Committees had also declared the missed payment a credit event, and thus triggering the credit default swaps payout. Earlier in October 2023, Country Garden had issued a warning of inability to repay offshore debts, missing bond coupon since September 2023. The founding family of Country Garden had recently provided a $300 million interest free financing to Country Garden. In September 2023, China property giant Country Garden paid 2 coupon payments for 2 USD bonds before the 30-day deadline and avoids default. Earlier in September 2023, Country Garden received approval from creditors to extend maturity of $540 million bond from 2nd September 2023 by 3 years and avoids default, with 56.08% voted extension, 43.64% opposed & 0.28% abstained. More info below:
China Property Giant Country Garden Defaults on USD Bond Interest of $15.4 Million after Missing 30-Day Grace Period for 17th September 2023 Coupon, Trustee Needs to Declare Principal & Interest Due Immediately Should More than 25% of Bondholders Demand for Payment, Credit Derivatives Determinations Committees Declared Missed Payment a Credit Event & Triggering Credit Default Swaps Payout
27th October 2023 – China property giant Country Garden has defaulted on the USD bond interest payment of $15.4 million after missing the 30-day grace period for the 17th September 2023 coupon (bond). The trustee (Citigroup) needs to declare principal & interest due immediately should more than 25% of bondholders demand for payment. The international Credit Derivatives Determinations Committees had also declared the missed payment a credit event, and thus triggering the credit default swaps payout. Earlier in October 2023, Country Garden had issued a warning of inability to repay offshore debts, missing bond coupon since September 2023. The founding family of Country Garden had recently provided a $300 million interest free financing to Country Garden. In September 2023, China property giant Country Garden paid 2 coupon payments for 2 USD bonds before the 30-day deadline and avoids default. Earlier in September 2023, Country Garden received approval from creditors to extend maturity of $540 million bond from 2nd September 2023 by 3 years and avoids default, with 56.08% voted extension, 43.64% opposed & 0.28% abstained. More info below:
China Property Giant Country Garden Issues Warning of Inability to Repay Offshore Debts, Missed Bond Coupon Since September 2023, Founding Family Recently Provided $300 Million Interest Free Financing to Country Garden
14th October 2023 – China property giant Country Garden has issued a warning of inability to repay offshore debts, missing bond coupon since September 2023. The founding family of Country Garden had recently provided a $300 million interest free financing to Country Garden. In September 2023, China property giant Country Garden paid 2 coupon payments for 2 USD bonds before the 30-day deadline and avoids default. Earlier in September 2023, Country Garden received approval from creditors to extend maturity of $540 million bond from 2nd September 2023 by 3 years and avoids default, with 56.08% voted extension, 43.64% opposed & 0.28% abstained. More info below:
China Property Giant Country Garden Paid 2 Coupon Payments for 2 USD Bonds Before 30-Day Deadline & Avoids Default, Earlier Received Approval from Creditors to Extend Maturity of $540 Million Bond from 2nd September 2023 by 3 Years & Avoids Default, 56.08% Voted Extension, 43.64% Opposed & 0.28% Abstained
9th September 2023 – China property giant Country Garden has paid 2 coupon payments for 2 USD bonds before the 30-day deadline and avoids default. Earlier in September 2023, Country Garden received approval from creditors to extend maturity of $540 million bond from 2nd September 2023 by 3 years and avoids default, with 56.08% voted extension, 43.64% opposed & 0.28% abstained. China property giant Country Garden also reported a $6.7 billion net loss (CNY 48.9 billion) for 2023 1st half and warns of bonds default risks, with Country Garden share price decreasing 66% in 2023 with current market value of $3.06 billion. More info below:
China Property Giant Country Garden Receives Approval from Creditors to Extend Maturity of $540 Million Bond from 2nd September 2023 by 3 Years & Avoids Default, 56.08% Voted Extension, 43.64% Opposed & 0.28% Abstained
1st September 2023 – China property giant Country Garden receives approval from creditors to extend maturity of $540 million bond from 2nd September 2023 by 3 years and avoids default, with 56.08% voted extension, 43.64% opposed & 0.28% abstained. Earlier, China property giant Country Garden reported a $6.7 billion net loss (CNY 48.9 billion) for 2023 1st half and warns of bonds default risks, with Country Garden share price decreasing 66% in 2023 with current market value of $3.06 billion. More info below.
China Property Giant Country Garden Reports $6.7 Billion Net Loss for 2023 1st Half & Warns of Bonds Default Risks, Share Price Decreased 66% in 2023 with Market Value of $3.06 Billion
1st September 2023 – China property giant Country Garden has reported a $6.7 billion net loss (CNY 48.9 billion) for 2023 1st half and warns of bonds default risks, with Country Garden share price decreasing 66% in 2023 with current market value of $3.06 billion. Earlier in August 2023, Country Garden had issued a warning of expecting to report a net loss of between $6.2 billion to $7.6 billion (CNY 45 billion to 55 billion) for 2023 1st half, and with bondholders failing to receive coupon. Country Garden share price had decreased -63% in 2023 with current market value of $3.45 billion (11/8/23: HKD 29 billion). In March 2023, Yang Huiyan (Age 41) was appointed the Chairman of China property giant Country Garden Holdings, with founder & father Yang Guoqiang stepping down (1/3/23). Country Garden was founded in 1992 by Yang Guoqiang (farmer & construction worker), growing Country Garden into one of China’s largest property group. In 2005, he transferred his shares to his daughter Yang Huiyan and has an estimated fortune of $6.5 billion (2022). In 2007, Country Garden became listed on Hong Kong stock exchange and grew to become one China’s top 10 largest property group. Earlier in 2022 December, Yang Huiyan has given Country Garden a $647 million no interest loan for 3 years & 1 month via her personal investment company Concrete Win Limited (Filing disclosed on 27/12/22). In August 2023, China property giant Country Garden Chair & billionaire Yang Huiyan has transferred 55% of her personal shareholding valued at $826 million (Country Garden Services Holdings Company) to Hong Kong incorporated charity Guoqiang Public Welfare Foundation managed by her sister (Yang Ziying). The charity has pledged to hold the shares for 10 years.
Malaysia Designates China Country Garden Mega Real Estate Development Forest City as Special Financial Zone, Multiple-Entry Visas, Fast-Track access for Working in Singapore, Flat 15% Personal Income Tax Rate
25th August 2023 – Malaysia has designated China Country Garden mega real estate development Forest City as a special financial zone, providing multiple-entry visas, fast-track access for working in Singapore, and flat 15% personal income tax rate. The announcement was made by Malaysia Prime Minister Anwar Ibrahim. Earlier in August 2023, China Property Giant Country Garden is expected to report a net loss of between $6.2 billion to $7.6 billion (CNY 45 billion to 55 billion) for 2023 1st half, and with bondholders failing to receive coupon. More info below.
China Property Giant Country Garden Expects to Report $6.2 Billion to $7.6 Billion Net Loss for 2023 1st Half with Bondholders Failing to Receive Coupon, Share Price Decreased 63% in 2023 with Market Value of $3.45 Billion
11th August 2023 – China Property Giant Country Garden is expected to report a net loss of between $6.2 billion to $7.6 billion (CNY 45 billion to 55 billion) for 2023 1st half, and with bondholders failing to receive coupon. Country Garden share price had decreased -63% in 2023 with current market value of $3.45 billion (11/8/23: HKD 29 billion). In March 2023, Yang Huiyan (Age 41) was appointed the Chairman of China property giant Country Garden Holdings, with founder & father Yang Guoqiang stepping down (1/3/23). Country Garden was founded in 1992 by Yang Guoqiang (farmer & construction worker), growing Country Garden into one of China’s largest property group. In 2005, he transferred his shares to his daughter Yang Huiyan and has an estimated fortune of $6.5 billion (2022). In 2007, Country Garden became listed on Hong Kong stock exchange and grew to become one China’s top 10 largest property group. Earlier in 2022 December, Yang Huiyan has given Country Garden a $647 million no interest loan for 3 years & 1 month via her personal investment company Concrete Win Limited (Filing disclosed on 27/12/22). In August 2023, China property giant Country Garden Chair & billionaire Yang Huiyan has transferred 55% of her personal shareholding valued at $826 million (Country Garden Services Holdings Company) to Hong Kong incorporated charity Guoqiang Public Welfare Foundation managed by her sister (Yang Ziying). The charity has pledged to hold the shares for 10 years. See below for more info.
Country Garden was founded in 1992 by Yang Guoqiang (farmer & construction worker). Yang Guoqiang grew Country Garden into one of China’s largest property group. In 2005, he transferred his shares to his daughter Yang Huiyan and has an estimated fortune of $6.5 billion (2022).
China Property Giant Country Garden Chair & Billionaire Yang Huiyan Transfers 55% Shareholding Valued at $826 Million to Hong Kong Incorporated Guoqiang Public Welfare Foundation Managed by Her Sister Yang Ziying
4th August 2023 – China property giant Country Garden Chair & billionaire Yang Huiyan has transferred 55% of her personal shareholding valued at $826 million (Country Garden Services Holdings Company) to Hong Kong incorporated charity Guoqiang Public Welfare Foundation managed by her sister (Yang Ziying). The charity has pledged to hold the shares for 10 years. Country Garden: “Guoqiang Public Welfare Foundation (Hong Kong) intends to utilise the Donation Shares for charitable purposes, such as supporting science, education and culture, health and youth development in Hong Kong and the Guangdong- Hong Kong-Macao Greater Bay Area, assisting vulnerable groups, funding disaster relief and promoting rural revitalization in the Mainland China.” Earlier in March 2023, Yang Huiyan (Age 41) was appointed the Chairman of China property giant Country Garden Holdings, with founder & father Yang Guoqiang stepping down (1/3/23). Country Garden was founded in 1992 by Yang Guoqiang (farmer & construction worker), growing Country Garden into one of China’s largest property group. In 2005, he transferred his shares to his daughter Yang Huiyan and has an estimated fortune of $6.5 billion (2022). In 2007, Country Garden became listed on Hong Kong stock exchange and grew to become one China’s top 10 largest property group. Earlier in 2022 December, Yang Huiyan has given Country Garden a $647 million no interest loan for 3 years & 1 month via her personal investment company Concrete Win Limited (Filing disclosed on 27/12/22). More info below.
China Billionaire Yang Huiyan Age 41 Becomes Chairman of China Property Giant Country Garden, Founder & Father Yang Guoqiang Steps Down
4th March 2023 – China billionaire Yang Huiyan (Age 41, one of China’s richest woman with around $7 billion to $11 billion fortune) has been appointed the Chairman of China property giant Country Garden Holdings, with founder & father Yang Guoqiang stepping down (1/3/23). Country Garden was founded in 1992 by Yang Guoqiang (farmer & construction worker), growing Country Garden into one of China’s largest property group. In 2005, he transferred his shares to his daughter Yang Huiyan and has an estimated fortune of $6.5 billion (2022). In 2007, Country Garden became listed on Hong Kong stock exchange and grew to become one China’s top 10 largest property group. Earlier in 2022 December, Yang Huiyan has given Country Garden a $647 million no interest loan for 3 years & 1 month via her personal investment company Concrete Win Limited (Filing disclosed on 27/12/22).
China Richest Woman Yang Huiyan Gives Country Garden $647 Million No Interest Loan for 3 Years & 1 Month from Concrete Win Limited
29th December 2022 – China richest woman Yang Huiyan has given one of China’s largest property group Country Garden a $647 million no interest loan for 3 years & 1 month via her personal investment company Concrete Win Limited (Filing disclosed on 27/12/22). Country Garden was founded in 1992 by Yang Guoqiang (farmer & construction worker), growing Country Garden into one of China’s largest property group. In 2005, he transferred his shares to his daughter Yang Huiyan and has an estimated fortune of $6.5 billion (2022). In 2007, Country Garden became listed on Hong Kong stock exchange and grew to become one China’s top 10 largest property group.
$5.7 Billion China Property Group Country Garden Withdraws from S&P Credit Ratings after Downgrade by S&P from B+ to B
11th November 2022 – Country Garden, one of China’s largest property group with market capitalisation of $5.7 billion, has withdrew its credit ratings with S&P Credit Ratings after being downgraded by S&P from B+ to B. S&P views Country Garden will have limited access to funding and will have to rely on internal resources (cashflow, asset sale) to repay its maturing bonds. For 2022 1st half, Country Garden reported operating revenue of CNY 162.36 billion, gross profit of CNY 17.21 billion and core net profit of CNY 4.91 billion. Country Garden Rresident Mo Bin: “The firm further optimized its debt structure by using operating cash flow to pay back some high-cost, short-term financing, with a focus on ensuring a balance between cash flow, the balance sheet and profit.” Country Garden was founded in 1992 by Yang Guoqiang (farmer & construction worker), growing Country Garden into one of China’s largest property group. In 2005, he transferred his shares to his daughter Yang Huiyan and has an estimated fortune of $6.5 billion (2022). In 2007, Country Garden became listed on Hong Kong stock exchange and grew to become one China’s top 10 largest property group.
Country Garden Releases 2022 Interim Report
Chinese property developer Country Garden (02007.HK) released its interim results for 2022 on August 30, 2022. Against the backdrop of profound changes in China’s real estate sector and a cooling market, the developer continued leading the industry by showing resilience in its performance as a result of an improved balance sheet and abundant cash flow.
According to the report, Country Garden achieved contracted sales of approx.185.1 billion yuan (approx. US$25.9 billion) and contracted sales volume of approx. 23.48 million square meters during the first half of 2022, ranking the company first in the industry. Total payment collection reached 170.3 billion yuan (approx. US$23.8 billion), with a collection rate about 92%, having exceeded 90% for seven years in a row.
During the reporting period, Country Garden posted operating revenue of 162.36 billion yuan, gross profit of 17.21 billion yuan and core net profit of 4.91 billion yuan, which indicates a positive earnings despite the market slump and the ongoing Covid-19 pandemic, demonstrating the company’s outstanding resilience.
At the end of the first half, Country Garden’s net operating cash flow stood at 5.25 billion yuan with total loans outstanding having dropped to 293.68 billion yuan, down 7.6 percent from the end of last year. The gearing ratio was 48.1% at the end of the reporting period, having been maintained at less than 60% for several years. The rate is significantly lower than the country’s gearing ratio threshold of less than 100% and well within the lower range for the industry. At the end of the reporting period, the company’s available cash amounted to 147.98 billion yuan. Cash flow to short-term debt ratio stood at about 2x, with no burden on short-term debt repayment.
Country Garden has ensured timely delivery of projects while maintaining a sound financial position. According to available statistics, in the first half of this year, the developer completed the construction of and made available to the market more than 250,000 units (in 1,070 lots) in 214 cities throughout China, fully in line with what had been promised and far exceeding that of its peers. Management confirms that the firm plans to deliver 500,000 units during the second half of this year, roughly double that of the first half.
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