China Property Giant Country Garden Subsidiary Received Approval from Creditors of 3 Bonds to Extend Repayment Deadline, Missed CNY 4.8% Bond Coupon Payment in March 2024, Delayed Releasing 2023 Annual Results Due on 31st March 2024, Trading Suspension on 2nd April 2024 Pending Publication of 2023 Annual Results
28th April 2024 | Hong Kong
China property giant Country Garden subsidiary (Country Garden Estate Group) has received approval from creditors of 3 bonds to extend the repayment deadline. In April 2024, Country Garden has been reported to be requesting for extension deadline for onshore bond payments, having missed a CNY 4.8% bond coupon payment in March 2024 and entering into the 30-trading days grace period for interest payments. In late March 2024, Country Garden announced (28/3/24) to delay releasing the 2023 annual results due on 31st March 2024, and an expected trading suspension of Country Garden shares on 2nd April 2024 pending publication of 2023 annual results. Country Garden current market value is $1.73 billion (28/3/24: HKD 13.5 billion). Country Garden: “Due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex. The Company needs to collect more information to make appropriate accounting estimates and judgments, and reasonably reflect changes in the industry and the Company in the consolidated financial statements of the Group for the year ended 31 December 2023 … … The Company expects that it will take a longer time to complete the preparation of the. consolidated financial statements of the Group for the year ended 31 December 2023. So, the Group’s results for the financial year ended 31 December 2023 (the ‘‘2023 Annual Results’’) will not be ready for publication by 31 March 2024 in compliance with Rule 13.49(1) of the Listing Rules.” Country Garden Trading Suspension: “Pursuant to Rule 13.50 of the Listing Rules, where the Company is unable to publish the 2023 Annual Results on or before 31 March 2024, it is expected that trading in the shares of the Company on the Stock Exchange will be suspended with effect from 9 : 00 a.m. on 2 April 2024 as required under Rule 13.50 of the Listing Rules, pending the publication of the 2023 Annual Results. The Board believes that the suspension of trading will not have a material impact on the Company’s operations.” In March 2024, Country Garden had missed a CNY 4.8% bond coupon payment, and enters into the 30-trading days grace period for interest payments. Country Garden current market value is around $2 billion (15/3/24), with share price decreasing -24.6% YTD, -74% in the last 12 months, and -95% in the last 5 years. Earlier in March 2024, Country Garden offshore creditor Ever Credit had filed a winding up petition for $204 million loan payment due with the Hong Kong first court hearing scheduled for 17th May 2024. Country Garden total liabilities is at around $35 billion (2023 June). Ever Credit is a subsidiary of Hong Kong-listed Kingboard Holdings. More info below:
“ China Property Giant Country Garden Subsidiary Received Approval from Creditors of 3 Bonds to Extend Repayment Deadline, Missed CNY 4.8% Bond Coupon Payment in March 2024, Delayed Releasing 2023 Annual Results Due on 31st March 2024, Trading Suspension on 2nd April 2024 Pending Publication of 2023 Annual Results “
China Property Giant Country Garden Requests for Extension Deadline for Onshore Bond Payments, Missed CNY 4.8% Bond Coupon Payment in March 2024, Delayed Releasing 2023 Annual Results Due on 31st March 2024, Trading Suspension on 2nd April 2024 Pending Publication of 2023 Annual Results
20th April 2024 – China property giant Country Garden has been reported to be requesting for extension deadline for onshore bond payments, having missed a CNY 4.8% bond coupon payment in March 2024 and entering into the 30-trading days grace period for interest payments. In late March 2024, Country Garden announced (28/3/24) to delay releasing the 2023 annual results due on 31st March 2024, and an expected trading suspension of Country Garden shares on 2nd April 2024 pending publication of 2023 annual results. Country Garden current market value is $1.73 billion (28/3/24: HKD 13.5 billion). Country Garden: “Due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex. The Company needs to collect more information to make appropriate accounting estimates and judgments, and reasonably reflect changes in the industry and the Company in the consolidated financial statements of the Group for the year ended 31 December 2023 … … The Company expects that it will take a longer time to complete the preparation of the. consolidated financial statements of the Group for the year ended 31 December 2023. So, the Group’s results for the financial year ended 31 December 2023 (the ‘‘2023 Annual Results’’) will not be ready for publication by 31 March 2024 in compliance with Rule 13.49(1) of the Listing Rules.” Country Garden Trading Suspension: “Pursuant to Rule 13.50 of the Listing Rules, where the Company is unable to publish the 2023 Annual Results on or before 31 March 2024, it is expected that trading in the shares of the Company on the Stock Exchange will be suspended with effect from 9 : 00 a.m. on 2 April 2024 as required under Rule 13.50 of the Listing Rules, pending the publication of the 2023 Annual Results. The Board believes that the suspension of trading will not have a material impact on the Company’s operations.” In March 2024, Country Garden had missed a CNY 4.8% bond coupon payment, and enters into the 30-trading days grace period for interest payments. Country Garden current market value is around $2 billion (15/3/24), with share price decreasing -24.6% YTD, -74% in the last 12 months, and -95% in the last 5 years. Earlier in March 2024, Country Garden offshore creditor Ever Credit had filed a winding up petition for $204 million loan payment due with the Hong Kong first court hearing scheduled for 17th May 2024. Country Garden total liabilities is at around $35 billion (2023 June). Ever Credit is a subsidiary of Hong Kong-listed Kingboard Holdings. More info below:
China Property Giant Country Garden to Delay Releasing 2023 Annual Results Due on 31st March 2024, Trading Suspension on 2nd April 2024 Pending Publication of 2023 Annual Results, Current Market Value at $1.73 Billion
30th March 2024 – China property giant Country Garden has announced (28/3/24) to delay releasing the 2023 annual resultsdue on 31st March 2024, and an expected trading suspension of Country Garden shares on 2nd April 2024 pending publication of 2023 annual results. Country Garden current market value is $1.73 billion (28/3/24: HKD 13.5 billion). Country Garden: “Due to the continuous volatility of the industry, the operating environment the Group confronting is becoming increasingly complex. The Company needs to collect more information to make appropriate accounting estimates and judgments, and reasonably reflect changes in the industry and the Company in the consolidated financial statements of the Group for the year ended 31 December 2023 … … The Company expects that it will take a longer time to complete the preparation of the. consolidated financial statements of the Group for the year ended 31 December 2023. So, the Group’s results for the financial year ended 31 December 2023 (the ‘‘2023 Annual Results’’) will not be ready for publication by 31 March 2024 in compliance with Rule 13.49(1) of the Listing Rules.” Country Garden Trading Suspension: “Pursuant to Rule 13.50 of the Listing Rules, where the Company is unable to publish the 2023 Annual Results on or before 31 March 2024, it is expected that trading in the shares of the Company on the Stock Exchange will be suspended with effect from 9 : 00 a.m. on 2 April 2024 as required under Rule 13.50 of the Listing Rules, pending the publication of the 2023 Annual Results. The Board believes that the suspension of trading will not have a material impact on the Company’s operations.” In March 2024, Country Garden had missed a CNY 4.8% bond coupon payment, and enters into the 30-trading days grace period for interest payments. Country Garden current market value is around $2 billion (15/3/24), with share price decreasing -24.6% YTD, -74% in the last 12 months, and -95% in the last 5 years. Earlier in March 2024, Country Garden offshore creditor Ever Credit had filed a winding up petition for $204 million loan payment due with the Hong Kong first court hearing scheduled for 17th May 2024. Country Garden total liabilities is at around $35 billion (2023 June). Ever Credit is a subsidiary of Hong Kong-listed Kingboard Holdings. More info below:
China Property Giant Country Garden Bond Missed CNY 4.8% Bond Coupon Payment, Enters into 30-Trading Days Grace Period for Interest Payments, Current Market Value at $2 Billion, Share Price Decreased -24.6% YTD, -74% in the Last 12 Months & -95% Last 5 Years
16th March 2024 – China property giant Country Garden has missed a CNY 4.8% bond coupon payment, and enters into the 30-trading days grace period for interest payments. Country Garden current market value is around $2 billion (15/3/24), with share price decreasing -24.6% YTD, -74% in the last 12 months, and -95% in the last 5 years. Earlier in March 2024, Country Garden offshore creditor Ever Credit had filed a winding up petition for $204 million loan payment due with the Hong Kong first court hearing scheduled for 17th May 2024. Country Garden total liabilities is at around $35 billion (2023 June). Ever Credit is a subsidiary of Hong Kong-listed Kingboard Holdings. More info below:
China Property Giant Country Garden Offshore Creditor Ever Credit Files Winding Up Petition for $204 Million Loan Payment with Hong Kong First Court Hearing Scheduled for 17th May 2024, Country Garden Total Liabilities at $35 Billion in 2023 June, Ever Credit is Subsidiary of Hong Kong-Listed Kingboard Holdings, Country Garden Market Value at $2.2 Billion
2nd March 2024 – China property giant Country Garden offshore creditor Ever Credit had filed a winding up petition for $204 million loan payment due with the Hong Kong first court hearing scheduled for 17th May 2024. Country Garden total liabilities is at around $35 billion (2023 June). Ever Credit is a subsidiary of Hong Kong-listed Kingboard Holdings. Country Garden current market value is at $2.2 billion (1/3/24). Earlier in February 2024, China property giant Country Garden subsidiary Island UK is selling the $570 million East London residential development Calico Wharf, appointing Knight Frank as property agent. Earlier in January 2024, Country Garden is selling 5 assets in Guangzhou including a $183 million 5-star phoenix city hotel, and 4 other assets including 2 office buildings, 1 commercial building & 1 residential property. Country Garden has $9.9 billion of outstanding bonds with $1.6 billion of bonds maturing in 2024. In December 2023, Country Garden 4 senior executives including Chairman Yang Huiyan & President Mo Bin have taken voluntary pay cut of up to 96% to $16,850 a year (CNY 120,000), with President Mo Bin pay was at $421,000 (CNY 3 million) a year. Executive Director Yang Ziying and Non-Executive Director have also volunteered to the pay cut. In December 2022, China richest woman Yang Huiyan had 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, Yang Huiyan 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). 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 Property Giant Country Garden Subsidiary Island UK to Sell $570 Million East London Residential Development Calico Wharf
2nd February 2024 – China property giant Country Garden subsidiary Island UK is selling the $570 million East London residential development Calico Wharf, appointing Knight Frank as property agent. Earlier in January 2024, Country Garden is selling 5 assets in Guangzhou including a $183 million 5-star phoenix city hotel, and 4 other assets including 2 office buildings, 1 commercial building & 1 residential property. Country Garden has $9.9 billion of outstanding bonds with $1.6 billion of bonds maturing in 2024. In December 2023, Country Garden 4 senior executives including Chairman Yang Huiyan & President Mo Bin have taken voluntary pay cut of up to 96% to $16,850 a year (CNY 120,000), with President Mo Bin pay was at $421,000 (CNY 3 million) a year. Executive Director Yang Ziying and Non-Executive Director have also volunteered to the pay cut. In December 2022, China richest woman Yang Huiyan had 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, Yang Huiyan 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). 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 Property Giant Country Garden to Sell 5 Assets in Guangzhou Including $183 Million 5-Star Phoenix City Hotel, 4 Other Assets Include 2 Office Buildings, 1 Commercial Building & 1 Residential Property, Country Garden with $9.9 Billion Outstanding Bonds & $1.6 Billion of Bonds to Mature in 2024
25th January 2024 – China property giant Country Garden is selling 5 assets in Guangzhou including a $183 million 5-star phoenix city hotel, and 4 other assets including 2 office buildings, 1 commercial building & 1 residential property. Country Garden has $9.9 billion of outstanding bonds with $1.6 billion of bonds maturing in 2024. In December 2023, Country Garden 4 senior executives including Chairman Yang Huiyan & President Mo Bin have taken voluntary pay cut of up to 96% to $16,850 a year (CNY 120,000), with President Mo Bin pay was at $421,000 (CNY 3 million) a year. Executive Director Yang Ziying and Non-Executive Director have also volunteered to the pay cut. In December 2022, China richest woman Yang Huiyan had 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, Yang Huiyan 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). 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 Property Giant Country Garden 4 Senior Executives Including Chairman Yang Huiyan & President Mo Bin Take Voluntary Pay Cut of Up to 96% to $16,850 a Year, Chairman Yang Huiyan Annual Salary was $280,000 a Year & President Mo Bin was $421,000 a Year
15th December 2023 – China property giant Country Garden 4 senior executives including Chairman Yang Huiyan & President Mo Bin have taken voluntary pay cut of up to 96% to $16,850 a year (CNY 120,000), with President Mo Bin pay was at $421,000 (CNY 3 million) a year. Executive Director Yang Ziying and Non-Executive Director have also volunteered to the pay cut. In December 2022, China richest woman Yang Huiyan had 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, Yang Huiyan 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). 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 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.
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 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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