Streetbeat News

CTRYY

Country Garden Holdings Co., Ltd.

https://www.countrygarden.com.cn

CEO

Bin Mo

Industry

Offices of Other Holding Companies

Open

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China's largest property developers, Country Garden Holdings Limited and China Evergrande Group, are facing financial difficulties. Country Garden missed a bond payment of $15.4 million and has $186 billion of liabilities. Its junk bonds are trading at around 4 cents on the dollar. Evergrande, with $327 billion in liabilities, faces liquidation at the end of the month. The situation is affecting the Chinese property market and the performance of China tracker funds such as the iShares China Large-Cap, which is down 10% year-to-date.

Portfolio Pulse from Daniel Harrison

October 18, 2023 | 2:14 pm

Hong Kong property developer Hysan Development Company Limited (OTC:HYSNY) has issued a prospectus for up to $4 billion of medium-term bonds, more than 10 times its average medium-term debt tranche. The bonds are being issued in the form of zero-coupon notes that are heavily discounted to institutional purchasers. The company plans to list the bonds on the Hong Kong exchanges within the next 12 months. The bonds are unsecured and reliant on a guarantee by Hysan to repay. Bank of America Corporation (NYSE:BAC) and UBS Group AG (NYSE:UBS) are handling the debt issuance.

Portfolio Pulse from Daniel Harrison

October 10, 2023 | 3:43 pm

China's Golden Week Holiday spending fell short of government expectations, with consumer spending and home sales data affecting markets. Goldman Sachs Group Inc. predicts a protracted recovery for China's economy. Property developers Country Garden Holdings Limited and Hysan Development Company Limited are planning debt restructuring and offering respectively. China Evergrande's EV spin-off, China Evergrande New Energy Vehicle Group Limited, dropped 9% after a trading suspension was lifted. EV companies XPeng Inc, Li Auto Inc, and NIO Inc. saw their stocks fall, while BYD Company Limited reported strong sales.

Portfolio Pulse from Daniel Harrison

October 09, 2023 | 8:02 pm

Hong Kong Broadband Network (HKBN Ltd.) has issued a profit warning, expecting a loss of HK$1.3 billion ($167 million) for the year ending August 2023 due to rising interest rates. The Hong Kong Interbank Borrowing Rate (HIBOR) has surged by over four times in 2023, increasing borrowing costs. This rise in HIBOR could impact earnings of property developers like China Evergrande Group, Country Garden Holdings Company Limited, and Longfor Holdings Group Limited, and companies with high borrowing rates like Swire Pacific Ltd. and New World Development Co Limited.

Portfolio Pulse from Daniel Harrison

October 09, 2023 | 7:25 pm

The Hong Kong real estate market is facing a potential bubble burst due to a sharp decline in property prices and a surge in mortgage applications. Major real estate developers like Country Garden Holdings Limited and China Evergrande Group have seen significant drops in their stock prices. Local banks like China Construction Bank Corporation and Bank of China Limited have also been affected. Despite government interventions and stimulus policies, the market remains unstable.

Portfolio Pulse from Daniel Harrison

October 06, 2023 | 3:52 pm

Hong Kong stocks ended the week positively as investors anticipate government easing measures in China to stimulate the economy. Goldman Sachs and Citigroup reports suggest the economic slowdown in China is ending. Property stocks and exporters saw significant action, with Hang Lung Properties, Sino Land Company, and Country Garden Holdings seeing increases. Alibaba, JD.com, Tencent Holdings, and AIA Group also saw increases. CNOOC experienced a slight drop after announcing a delay in offshore bond repayment. NIO is reportedly putting pressure on rival EV makers Tesla, Li Auto, XPeng, and BYD Company in China after raising sales commissions for its agents.

Portfolio Pulse from Daniel Harrison

October 06, 2023 | 3:16 pm

Shares of China Evergrande Group Limited (OTC:EGRNF) surged after it resumed trading in Hong Kong, sparking speculation of a potential bailout. The company's real estate subsidiary also resumed trading. Analysts caution that the price increase is driven by speculation rather than fundamental news. The Chinese government reportedly has around $500 billion on hand to assist developers if required. Evergrande's EV maker subsidiary was not allowed to resume trading. The company's future is contingent on the decision reached by a group of secret creditors who hold $15 billion of offshore bonds.

Portfolio Pulse from Daniel Harrison

October 03, 2023 | 3:47 pm

Country Garden Holdings Co. Ltd. (OTCPK: CTRYY), a leading property developer in China, is facing a potential debt default with a debt load of $187 billion. The company must settle a sum of $22.5 million in coupons by Sept. 6, marking the end of a 30-day grace period. Failure to meet this payment could lead to creditors declaring a default, potentially triggering a more significant crisis than the one experienced by China Evergrande Group. Despite fulfilling its obligations on a ringgit-denominated bond and securing an extension with domestic investors regarding yuan-denominated bonds, the company still owes dollar interest payments.

Portfolio Pulse from Piero Cingari

September 04, 2023 | 7:17 pm

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