Country Garden Holdings Co. is in talks with potential financial advisers to put together an offshore-debt restructuring plan, according to people familiar with the matter. The Chinese property developer has $11 billion of offshore bonds outstanding, data compiled by Bloomberg show. Stephen Engle reports on Bloomberg Television.
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Garden Plans
6 Comments
Country garden should just give up
Uninvestable.
China is a dystopian hellscape. Imagine paying 50 times your annual salary for a cracker box.
Shocking numbers of China's Country Garden.
– It's China's largest property developer, 4 times as bigger than Evergrande.
– The firm's $200 billion debt is bigger than the GDP of Greece.
– It has over 1 million of China's 32 million unfinished home, which is sufficient to house the population of Germany.
– It lost an eye-watering $7 billion for just first half of this year.
– Many of its workers didn't get paid for their work for the past 4 months.
– Many projects stopped, prompting buyer demontration and stopping making mortgage payments.
– It couldn't pay onshore debt of $500 million and had to extend into payments over 3 years.
Earlier, it couldn't even make $22.5 million interest payment of its debts.
Chinese economy is very sick. There's no cure.
– Only regime change to something like Taiwan 🇹🇼 can help.
It's a win-win solution for both China and the world.
I live in China and have done for more than 20 years so as an independent voice not a company that is heavily invested in China here is what I see on the ground in Shenyang
New house prices have fallen circa 20%
Preowned houses have fallen 30%
The shops are empty
Restaurant food quality has fallen beyond believe as they are purchasing low quality products but charging high prices
I flew back to Shenyang last night from Qingdao the airport and plane was empty
Who in their right mind would buy an unfinished condo? – oh the Chinese, in trove. At least the Japanese bought finished, well made, high quality, buildings and houses.