Streetbeat News

CTRYF

Country Garden Holdings Co., Ltd.

https://www.countrygarden.com.cn

CEO

Bin Mo

Industry

Offices of Other Holding Companies

Open

0.17

Mkt cap

1.1B

Volume

4.3K

High

0.17

P/E Ratio

-0.06

52-wk high

0.27

Low

0.04

Div yield

N/A

52-wk low

0.04

Rumors of a Chinese government stimulus have been boosting investor sentiment in Hong Kong, with expectations of an additional 1 trillion RMB ($137 billion) to support the local economy. This has led to a surge in Hong Kong and Chinese stocks. The iShares China Large Cap ETF (NYSE:FXI) is down 8.3% year-to-date, while the SPDR S&P 500 ETF (NYSE:SPY) has risen 14% during 2023. Stocks such as Country Garden Holdings Company Limited (OTC:CTRYF), China Evergrande Group (OTC:EGRNF), China Evergrande New Energy Vehicle Group Limited (OTC:EVGRF), XPeng Inc (NYSE:XPEV), and NIO Inc. (NYSE:NIO) have seen significant gains.

Portfolio Pulse from Daniel Harrison

October 11, 2023 | 5:47 pm

Two-thirds of Chinese property developers have defaulted on their offshore debt over the past year, with China SCE Group Holdings Ltd. being the latest. Country Garden Holdings Limited (OTC:CTRYF) is seeking to renegotiate debt terms with its offshore bondholders after missing a debt repayment. Only 14 out of 54 major developers have not defaulted yet, including Agile Group Holdings Ltd. (OTC:AGPPY), Shui On Land Ltd. (OTC:SOLLY), China Vanke Co. Ltd (OTC:CHVKF), Seazen Group Ltd. (OTC:SZENF), Sino-Ocean Group Holding Ltd. (OTC:SIOLY), and Longfor Group Holdings Ltd. (OTC:LGFRY).

Portfolio Pulse from Daniel Harrison

October 10, 2023 | 2:29 pm

China's property market turmoil continues to impact the stock market, with Country Garden Holdings and China Evergrande Group seeing declines. However, Sunac China Holdings managed to restructure its debt and saw a 1% increase. The Chinese government is planning to attract more investors by raising the foreign ownership cap on stocks and encouraging domestic travel to boost the economy. Despite the property market issues, investment managers are attracted to deep discounts in the consumer and tech sector in China, with stocks such as Alibaba, Baidu, and BYD Company Limited gaining attention.

Portfolio Pulse from Daniel Harrison

September 28, 2023 | 1:40 pm

China Evergrande Group (OTC:EGRNF) missed another loan payment deadline and its CEO was reportedly arrested. The company's subsidiary, Hengdu Real Estate Group, will miss $537 million in repayments on its bonds. Evergrande's shares fell 7% and fears of its credit issues affecting Country Garden Holdings Ltd. (OTC:CTRYF) caused the latter's shares to fall 3%. Meanwhile, tech companies like Baidu, Inc. (NASDAQ:BIDU), Tencent Holdings Limited (OTC:TCEHY), and Alibaba Group Holding Limited (NYSE:BABA) held firm despite the property market turmoil. EV maker NIO (NYSE:NIO) completed an additional $1 billion convertible debt financing.

Portfolio Pulse from Daniel Harrison

September 26, 2023 | 2:33 pm

The Chinese real estate sector is facing continued troubles, sparking fears of a potential global market rout. China Evergrande Group Limited (OTC:EGRNF) cancelled a creditor meeting due to disappointing sales, causing its shares to drop by 25%. Other property developers such as Country Garden Group Limited (OTC:CTRYF) and Longfor Group Holdings Limited (OTC:LNGPF) are also feeling the squeeze, with Country Garden's shares down 7%. The situation is drawing comparisons to the 2008 banking crisis, with concerns that it could impact global growth.

Portfolio Pulse from Daniel Harrison

September 25, 2023 | 3:03 pm

China's real estate developer Country Garden Holdings Co. Ltd. (NYSE:CRVYY) narrowly avoided a default by making a last-minute interest payment on its $500 million bonds. Despite this, the company's financial standing remains precarious with a staggering debt load of $187 billion and weak sales. The company's struggles reflected in the broader market with the Hang Seng Index, tracked by the iShares MSCI Hong Kong Fund Index (NYSE:EWH), falling 2.06%.

Portfolio Pulse from Piero Cingari

September 05, 2023 | 1:29 pm

Yang Huiyan, chair of Country Garden Holdings Co Ltd (OTC:CTRYF), has seen her personal wealth decrease by 84% in just over two years due to turbulence in China's property sector. The company anticipates a loss of up to $7.6 billion in the first half of this year, a sharp decline from its reported profit of $264.3 million during the same period last year. The company's liquidity remains weak, as highlighted by Moody's 'very high risk' assessment.

Portfolio Pulse from AJ Fabino

August 11, 2023 | 4:47 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.