Country Garden Holdings Co. says it “expects that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods.” The Chinese developer also says it has hired advisers “to evaluate the capital structure and liquidity of the Group and formulate a holistic solution.” Lorretta Chen reports on Bloomberg Television.
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Garden Plans
13 Comments
Chinese have been covering up their growth story. I suspect their economy is as strong as they portray
Never trust or invest in the CCP in China and their corporations or debt.
they have been bailed out before. no bailout this time, either they are fundamentally capable or bankrupt. and future capable company will raise.
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.
What can they do ? Just another sacrificial lamb of the murderous CCP Ponzi Scams.
This is only the beginning, not the end, of a Great Fall of China 🇨🇳:
Its property market is in deep trouble, starting with two of its biggest firms, Evergrande and Country Garden.
Default …. one after another …. Sad !
They going under. Can't be saved.
Evergrande… Country Garden… more to come… China's growth coming to an end…
Buyers who lost their savings, workers lost wages, bond investors lost $.. So where did the money go to?
Country Garden has USD$194 Billion debt and 3,121 ongoing uncompleted construction projects. Certainly, Country Garden expected the China Government to bail it out because it is "Too Big To Fail". Country Garden strategized that the social turmoil from so many buyers in China and effect on upstream + downstream industries will force China Government to rescue it. WRONG. Now Country Garden assets will be liquidated to pay creditors. Forest City is the saddest & most tragic failure in Johor State of Malaysia.
So many commenters trying to reinforce their views that China is failing. These people must have so much faith in their own views that they need to keep repeating their thoughts in comments. 🤣🤣🤣🤡
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