Kinas stoerste eiendomsutvikler Country Garden kollapser
China's Property Sector Is Crashing Again And This Time It Has Reached The Country's Biggest Developer. Country Garden.
Country Garden is one of the few remaining large, (arguably) better-quality private developers that had been largely unscathed by the liquidity crunch, even as peers such as Shimao Group Holdings - a recently investment grade developer whose collapse in December was viewed as "more devastating than debt crises at Evergrande and Kaisa" - dramatic reversals in their credit ratings.
At least until now... and now that Shimao has imploded, Country Garden remains perhaps the final and most visible bellwether for contagion risk, as unprecedented levels of stress in the offshore credit market threaten to drag good credits down with bad.
Or at least she was, because on some of Country Garden's US dollar notes plunged to record lows in the wake of a report that the firm failed to win sufficient investor support for a possible convertible bond deal. Longer-dated bonds were trading as low as 69 cents on the dollar as of late Friday.
https://www.zerohedge.com/markets/chinas-property-sector-crashing-again-and-time-it-has-reached-countrys-biggest-developer
Country Garden is one of the few remaining large, (arguably) better-quality private developers that had been largely unscathed by the liquidity crunch, even as peers such as Shimao Group Holdings - a recently investment grade developer whose collapse in December was viewed as "more devastating than debt crises at Evergrande and Kaisa" - dramatic reversals in their credit ratings.
At least until now... and now that Shimao has imploded, Country Garden remains perhaps the final and most visible bellwether for contagion risk, as unprecedented levels of stress in the offshore credit market threaten to drag good credits down with bad.
Or at least she was, because on some of Country Garden's US dollar notes plunged to record lows in the wake of a report that the firm failed to win sufficient investor support for a possible convertible bond deal. Longer-dated bonds were trading as low as 69 cents on the dollar as of late Friday.
https://www.zerohedge.com/markets/chinas-property-sector-crashing-again-and-time-it-has-reached-countrys-biggest-developer
gepard1
22.05.2022 kl 04:24
2081
18.05.2022 Konkursboelgen blant kinesiske developers vil ikke ta slutt. - dette vil ganske sikkert skade den kinesiske oekonomien kraftig i loepet av de neste 6 maanedene. Av den grunn kan det bli vanskelig og faa noen boershjelp fra Kina fremover.
The top-30 listed developers in China reported an 11.1 per cent, year-on-year contraction in their collective cash position as at the end of 2021 and, since January, sales have dropped 32.2 per cent, year-on-year, according to ANZ Research.
Contractual home sales from China's top-100 developers halved in April, meaning the estimated monthly operating income of $US5.7 billion ($8.1 billion) will not be enough to cover debt payments.
The top-30 listed developers in China reported an 11.1 per cent, year-on-year contraction in their collective cash position as at the end of 2021 and, since January, sales have dropped 32.2 per cent, year-on-year, according to ANZ Research.
Contractual home sales from China's top-100 developers halved in April, meaning the estimated monthly operating income of $US5.7 billion ($8.1 billion) will not be enough to cover debt payments.
Redigert 22.05.2022 kl 04:30
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Vampyren
22.05.2022 kl 08:33
1939
Chinese developer Sunac defaults as Beijing struggles to save the trillion-dollar sector
https://amp.abc.net.au/article/101077934
https://amp.abc.net.au/article/101077934