Saturday, December 28

Tag: Country Garden Holdings

China’s Millionaires Are Worried. That’s a Problem for Wall Street.
18Dec By adminNo Comments
World

China’s Millionaires Are Worried. That’s a Problem for Wall Street.

Updated Dec. 18, 2023 12:15 am ETChina’s economic slowdown has become a big problem for banks that serve the rich. For years, banks including Citigroup, JPMorgan and UBS competed hard to win business from China’s giant pool of wealthy people. They hired thousands of relationship managers with the language skills and cultural know-how to gain the trust of mainland China’s moneyed class, and helped them buy shares in Hong Kong, real estate in the U.S. and expensive paintings from European collections.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Country Garden to Make CNY3.07 Billion Disposal to Aid Debt Restructuring
14Dec By adminNo Comments
Money

Country Garden to Make CNY3.07 Billion Disposal to Aid Debt Restructuring

Chinese property giant Country Garden will sell a stake in a commercial center operator for about $428 million, using the proceeds to help restructure offshore debt.The indebted developer said Thursday that a group subsidiary will sell its entire 1.79% stake in Zhuhai Wanda Commercial Management Group for 3.07 billion yuan ($428.0 million).Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Country Garden to Make CNY3.07 Billion Disposal to Aid Debt Restructuring
14Dec By adminNo Comments
World

Country Garden to Make CNY3.07 Billion Disposal to Aid Debt Restructuring

Chinese property giant Country Garden will sell a stake in a commercial center operator for about $428 million, using the proceeds to help restructure offshore debt.The indebted developer said Thursday that a group subsidiary will sell its entire 1.79% stake in Zhuhai Wanda Commercial Management Group for 3.07 billion yuan ($428.0 million).Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Oil Slips; Property Rally Boosts China Stocks
23Nov By adminNo Comments
Money

Oil Slips; Property Rally Boosts China Stocks

Oil prices came under fresh pressure Thursday, after recent signs of discord among leading energy producers, while growing optimism about support for property developers helped lift stocks in Hong Kong and mainland China.With the U.S. closed for the Thanksgiving holiday, action in most global markets was muted. Futures tied to major indexes edged higher, suggesting U.S. markets could be due a small bounce when they reopen for the shortened Black Friday session.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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China Property Stocks Jump on Hopes for ‘White List’ Financing
23Nov By adminNo Comments
World

China Property Stocks Jump on Hopes for ‘White List’ Financing

Updated Nov. 23, 2023 12:04 am ETChinese property stocks climbed in Hong Kong trade amid rising hopes that Beijing will soon make dozens of companies eligible for financing, including developers that have defaulted on debt.The Hang Seng Mainland Properties Index, which tracks Chinese property developers, rose 4.3% on Thursday morning, lifting gains this week to 9.1%. CIFI Holdings surged 55% and Sino-Ocean Group gained 28%, while Country Garden Holdings, Kaisa Group, Agile Group, Guangzhou R&F Properties and Logan Group all gained between 11% and 18%.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Fitch to Withdraw Ratings on Country Garden Services
13Nov By adminNo Comments
World

Fitch to Withdraw Ratings on Country Garden Services

Nov. 13, 2023 12:16 am ETFitch Ratings will withdraw all ratings on Country Garden Services next month, a move that comes months after it downgraded the sister company of troubled Chinese property giant Country Garden Holdings.The ratings company said Monday it would drop coverage of CGS around Dec. 12 for “commercial reasons,” without elaborating.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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China’s Country Garden Was Given a Second Chance to Make a Bond Payment. It Failed.
19Oct By adminNo Comments
Money

China’s Country Garden Was Given a Second Chance to Make a Bond Payment. It Failed.

Updated Oct. 18, 2023 7:01 pm ETChinese property giant Country Garden has missed a final deadline to pay interest on a dollar bond, capping a remarkable fall from grace for a company that was once considered among the safest developers in the country. The company hasn’t made a $15.4 million interest payment on an outstanding dollar bond, according to two investors who hold the bond. That could lead to a wave of cross-defaults on its other international debt. Country Garden had around $15.2 billion of international bonds and loans outstanding at the end of June, according to its public disclosures. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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