
Country Garden Faces Expected Steep Losses Amidst Ongoing Debt Crisis
HONG KONG – Country Garden, once hailed as China's leading property developer, is bracing for the impact of severe financial losses as it prepares to release its much-delayed financial results on Tuesday, as reported by Clare Jim (Yahoo Finance). The developer, embroiled in a liquidation lawsuit, is navigating the turbulence caused by a sustained property sector crisis that has critically impacted its sales revenue.
The Shenzhen-headquartered company deferred its 2023 full-year and 2024 interim financial reports after defaulting on offshore bonds totaling $11 billion at the tail end of 2023. Consequently, trading of its Hong Kong shares has been on hold since April 2024. Analysts anticipate that, given the context of China's property sales plunging nearly 50% over the preceding three years, Country Garden's reported losses will be pronounced.
According to statistics from IndexBox, the real estate market in China has been under significant strain, a scenario reflected in Country Garden's declining fortunes. The firm reported a startling net loss of 48.9 billion yuan ($6.67 billion) for the first half of 2023, exacerbating from a 6.7 billion yuan loss reported for the latter half of 2022. This development wipes out the firm's 26.8 billion yuan net profit achieved in 2021.
Industry observers have noted a stark drop in Country Garden's national standings. Its annual sales value plummeted over 70% last year, a decline that saw its ranking slip to 16th position from 7th in 2023, according to real estate researcher CRIC.
The publication of its overdue financial data could chart the course for Country Garden to resume trading on the Hong Kong Stock Exchange as soon as Wednesday. This move is part of the company's strategic efforts to counter a liquidation petition filed over its $205 million loan default.
Country Garden confirmed last week that it has tabled a debt restructuring proposal to its creditors aimed at cutting its offshore debt by 70%, settling on an "understanding" with a group of lenders. The subsequent hearing on the liquidation petition is slated for January 20.
The market awaits the clarity that the release of Country Garden's financial results might provide, with investors closely watching the developer's debt figures, assets, and cash flow amid significantly reduced sales and diminished property values.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
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This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
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5. MOST PROMISING SUPPLYING COUNTRIES
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- TOP PRODUCING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
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- TOP CONSUMING MARKETS
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7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
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11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
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- Nigeria
- Poland
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- Argentina
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- Thailand
- United Arab Emirates
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LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption, By Country, 2018–2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Destination, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Origin, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Consumption, By Country, 2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Production, By Country, 2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, 2012–2024