* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, September 8, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    The Secret to What Made ‘CarJack’ Work on As the World Turns – yahoo.com

    The Surprising Secret Behind ‘CarJack’s’ Success on As the World Turns

    Victor Garber on his viral “And Just Like That” toilet scene: ‘I was delighted to be doing something ridiculous’ (exclusive) – yahoo.com

    Victor Garber on his viral “And Just Like That” toilet scene: ‘I was delighted to be doing something ridiculous’ (exclusive) – yahoo.com

    Pendulum Announce Homecoming 2026 Australian Tour – yahoo.com

    Pendulum Announces Thrilling Homecoming Tour Across Australia in 2026

    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Industry partner provides Ferris State Plastics Engineering Technology students with state-of-the-art equipment to gain in-demand skills – Ferris State University

    Industry Partner Equips Ferris State Plastics Engineering Students with Cutting-Edge Technology to Boost In-Demand Skills

    Health Technology Ecosystem – Centers for Medicare & Medicaid Services | CMS (.gov)

    Discover the Future of Health Technology: Innovations Revolutionizing Patient Care

    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    The Secret to What Made ‘CarJack’ Work on As the World Turns – yahoo.com

    The Surprising Secret Behind ‘CarJack’s’ Success on As the World Turns

    Victor Garber on his viral “And Just Like That” toilet scene: ‘I was delighted to be doing something ridiculous’ (exclusive) – yahoo.com

    Victor Garber on his viral “And Just Like That” toilet scene: ‘I was delighted to be doing something ridiculous’ (exclusive) – yahoo.com

    Pendulum Announce Homecoming 2026 Australian Tour – yahoo.com

    Pendulum Announces Thrilling Homecoming Tour Across Australia in 2026

    ITV Studios Launches New Entertainment Label – Global Bulletin – IMDb

    ITV Studios Unveils Exciting New Entertainment Label

    TS Entertainment bringing Malibu Jack’s to former Owensboro mall – Lane Report

    TS Entertainment Launches Malibu Jack’s at Former Owensboro Mall Location

    Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com

    Jenny Han Just Unveiled a Huge ‘The Summer I Turned Pretty’ Easter Egg That Changes Everything [SPOILER]

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Industry partner provides Ferris State Plastics Engineering Technology students with state-of-the-art equipment to gain in-demand skills – Ferris State University

    Industry Partner Equips Ferris State Plastics Engineering Students with Cutting-Edge Technology to Boost In-Demand Skills

    Health Technology Ecosystem – Centers for Medicare & Medicaid Services | CMS (.gov)

    Discover the Future of Health Technology: Innovations Revolutionizing Patient Care

    Coherent Joins LLNL’s STARFIRE Diode Technology Working Group to Advance Inertial Fusion Energy – GlobeNewswire

    Coherent Partners with LLNL’s STARFIRE Team to Drive Breakthroughs in Inertial Fusion Energy

    Gene Associated With Deadly Heart Disease in Golden Retrievers Identified – Technology Networks

    Breakthrough Discovery Uncovers Gene Behind Deadly Heart Disease in Golden Retrievers

    Monkey Island LNG Picks ConocoPhillips’ Liquefaction Technology – Hart Energy

    Monkey Island LNG Selects ConocoPhillips’ Advanced Liquefaction Technology for Next-Gen Energy Solutions

    Credo Technology Group Holding Ltd. (CRDO) Surpasses Q1 Earnings and Revenue Estimates – Yahoo Finance

    Credo Technology Group Surpasses Q1 Earnings and Revenue Expectations

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Country Garden Hires Advisors as 17 October Default Deadline Looms

October 10, 2023
in Technology
Country Garden Hires Advisors as 17 October Default Deadline Looms
Share on FacebookShare on Twitter

Country Garden Center In Shanghai

The Country Garden Centre in Shanghai (Getty Images)

China’s largest developer appears to be preparing for default on more than $17 billion in offshore debt obligations as it approaches a 17 October bond payment deadline amid collapsing sales.

Country Garden Holdings alerted the Hong Kong stock exchange early on Tuesday that it has hired investment banks Houlihan Lokey and China International Capital Corporation (CICC) as well as law firm Sidley Austin to advise on its finances and liquidity, pointing to a debt restructuring as it admitted to missing HK$470 million ($60 million) in bond payments due on Monday (9 October).

“The Company will actively pursue offshore liability management measures and develop a holistic solution in a fair and equitable manner to achieve a sustainable capital structure, while respecting the existing legal status and ranking in right of payment of all creditors,” Country Garden president and executive director Mo Bin said in the statement.

The company explained in the filing that, during the first nine months of this year its contracted sales fell to just less than RMB 155 billion ($21.7 billion), which marked a decline of 43.9 percent from 2022 levels and represented a more than 65 percent drop from the same period two years ago.

Cross-Default Risk

In acknowledging its failure to pay its bond obligations on Monday, which including coupon payments on 2024 and 2026 notes (both of which provide 30 day grace periods), Country Garden warned investors that more bad news may be on the way.

Yang Huiyan Country Garden

Country Garden chair Yang Huiyan is seeking professional help (Image: Country Garden Weibo)

“The Company also expects that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods, including but not limited to those under the US dollar notes issued by the Company,” the statement read. Country Garden will default on a separate set of offshore bonds if it fails to pay a $15 million coupon payment by 17 October.

The chance of the Guangzhou-based developer’s first formal default raises the specter that creditors holding its $10.96 billion in offshore bonds and $5.81 billion in other non-RMB debt could demand immediate repayment in a cross-default scenario, as Country Garden acknowledged in its statement.

“Such non-payment may lead to relevant creditors of the group demanding acceleration of payment of the relevant indebtedness owed to them or pursuing enforcement action,” the company said.

Investors in Chinese developer debt are already reeling from China Evergrande Group’s abandonment last month of a deal to restructure its $31.7 billion in offshore obligations. A group representing Evergrande’s offshore creditors said in statement on Monday that they had been blindsided by the developer’s cancellation of the restructuring deal on 22 September and that it had not been able to get new information from the company since that time.

Both Houlihan Lokey and Sidley Austin are also advising Evergrande on its restructuring, with the professional services pair having become the restructuring consultants of choice for cash-strapped mainland developers. Defaulting mainland builders Sunac China Holdings, Sino-Ocean Group Holding, Modern Land and Kaisa Group have also all said that they are working with one or both of the firms to develop restructuring deals.

Sales Slide Accelerates

In its statement, Country Garden said that its RMB 6.17 billion in September contracted sales were down 81 percent from last year’s figures, and marked the sixth-straight month of decline. With contracted sales now down 43.9 percent in the first nine months of the year, the developer’s position is deteriorating after its sales for January through July were down just less than 35 percent from the same period in 2022.

Despite China’s central government having prioritised policy support for the property sector and local authorities rolling back earlier sales restrictions, Country Garden indicated that these measures, as well as its own efforts to manage its finances, were not sufficient to prevent payment failures.

“Despite the Group’s best endeavors to explore various options for cash generation, such as asset disposals, in order to continue to meet its financial commitments, prevailing market conditions have made it difficult for the Group to procure sufficient cash toenhance its liquidity position within a short period of time,” the company said. “Consequently, the Group’s cash position remains under significant pressure.”

As it prepares to join China’s restructuring developer club, Country Garden said, “We wish to pursue a holistic solution to fully address the Company’s current offshore debt risk, to enable the Company to restore its business operations and achieve long-term healthy development and, to the greatest extent, protect the rights and interests of all stakeholders including customers, employees and creditors.”

The company promised further updates when appropriate.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : MingTiandi – https://www.mingtiandi.com/real-estate/finance/country-garden-hires-advisors-as-17-october-default-loom/

Tags: CountryGardentechnology
Previous Post

GLP Capital Partners Closes on $240M for China Value-Add Fund

Next Post

DSLinux – Linux for the Nintendo DS

Six Acclaimed Artists Interpret Ecology and the Landscape for ‘Ground/work 2025’ – thisiscolossal.com

Six Acclaimed Artists Interpret Ecology and the Landscape for ‘Ground/work 2025’ – thisiscolossal.com

September 7, 2025
This Stanford computer science professor went to written exams 2 years ago because of AI. He says his students insisted on it – Fortune

Stanford Professor Returns to Written Exams After Students Demand It Amid AI Rise

September 7, 2025
Tiny thumbnails may be key for rodents’ global takeover – Science News

How Tiny Thumbnails Helped Rodents Conquer the Globe

September 7, 2025
$9 Million Stock & Warrant Deal: American Trust Leads Furniture Maker Nova LifeStyle’s Strategic Offering – Stock Titan

American Trust Fuels Nova LifeStyle’s Growth with $9 Million Stock and Warrant Investment

September 7, 2025
Industry partner provides Ferris State Plastics Engineering Technology students with state-of-the-art equipment to gain in-demand skills – Ferris State University

Industry Partner Equips Ferris State Plastics Engineering Students with Cutting-Edge Technology to Boost In-Demand Skills

September 7, 2025
Former NFL All-Pro RB has top girls basketball prospect – Yahoo Sports

Former NFL All-Pro RB has top girls basketball prospect – Yahoo Sports

September 7, 2025
Pope Leo appeals for peace in Holy Land, Ukraine, areas of world marred by war – Vatican News

Pope Leo appeals for peace in Holy Land, Ukraine, areas of world marred by war – Vatican News

September 7, 2025
The US Economy Is at a Turning Point—and the Stakes Are Higher Than You Might Think – Morningstar

The US Economy Stands at a Crucial Crossroads-Here’s Why It Matters Now More Than Ever

September 7, 2025
The Secret to What Made ‘CarJack’ Work on As the World Turns – yahoo.com

The Surprising Secret Behind ‘CarJack’s’ Success on As the World Turns

September 7, 2025
Fighting a health insurance denial? Here are 7 tips to help – Los Angeles Times

7 Powerful Strategies to Beat Health Insurance Denials and Secure the Coverage You Deserve

September 7, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (812)
  • Economy (829)
  • Entertainment (21,707)
  • General (16,910)
  • Health (9,871)
  • Lifestyle (843)
  • News (22,149)
  • People (832)
  • Politics (836)
  • Science (16,040)
  • Sports (21,329)
  • Technology (15,810)
  • World (811)

Recent News

Six Acclaimed Artists Interpret Ecology and the Landscape for ‘Ground/work 2025’ – thisiscolossal.com

Six Acclaimed Artists Interpret Ecology and the Landscape for ‘Ground/work 2025’ – thisiscolossal.com

September 7, 2025
This Stanford computer science professor went to written exams 2 years ago because of AI. He says his students insisted on it – Fortune

Stanford Professor Returns to Written Exams After Students Demand It Amid AI Rise

September 7, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version