Streetbeat News

LNGPF

Longfor Group Holdings Limited

https://www.longfor.com/

CEO

Mingxiao Shao

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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

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

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

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