Business
Chinese Developer Country Garden Set to Avoid Yuan Bond Default
Sources have told Bloomberg that Chinese property developer Country Garden Holdings Co. is likely to avoid its first default on yuan bonds after most holders of a local note agreed not to demand repayment this week. Lorretta Chen reports on Bloomberg Television.
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@user-yy9hk9od9u
December 23, 2023 at 6:18 am
It's going to cause a bank run in China.
@ACK333
December 23, 2023 at 6:18 am
what causes the Organic Farmers freelands?
@lastChang
December 23, 2023 at 6:18 am
China's Evergrande and Country Garden loan defaults show investment into a Chinese entity is a very high-risk venture.
@ArabicReja973
December 23, 2023 at 6:18 am
Shocking numbers of China's Country Garden.
– It's China's largest property developer, 4 times 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 haven't been paid for their work for the past 4 months.
– Many projects stopped, prompting buyer demontration mortgage payment cancelation,
– 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 offshore debts.
– It's facing 459 lawsuits, many involving missing contractor payments and delayed construction.
@user-qb4mo6uh5c
December 23, 2023 at 6:18 am
Another lesson for overseas investors in China
Do not invest anymore in China
@haroldlauron7894
December 23, 2023 at 6:18 am
God is REAL God is active
He speaks the TRUTH
Vivek " the TRUTH" for US President 2024!