Debt-Saddled Country Garden Casts Shadow Over Beijing's Recovery Efforts
Portfolio Pulse from Piero Cingari
Chinese real estate company Country Garden Holdings Co. Ltd. (OTCPK: CTRYF) is struggling to meet offshore debt obligations, including a $15 million interest payment. The company's dollar-denominated bonds have fallen to 4 cents on the dollar. This comes amidst positive economic data from China, with Q3 GDP growth of 4.9% and retail sales up by 5.5% year-on-year in September 2023.
October 18, 2023 | 3:02 pm
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Country Garden Holdings is facing significant financial difficulties, unable to meet its debt obligations. This has resulted in a sharp decline in the value of its bonds.
Country Garden's inability to meet its debt obligations, including a $15 million interest payment, indicates severe financial distress. This has led to a sharp decline in the value of its bonds, which is likely to negatively impact the company's stock price in the short term.
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