* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, July 27, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Top 5 entertainment news: Sandeep Reddy Vanga regrets trimming Animal’s runtime by 7-8 minutes, Akshay Ku – Times of India

    Top 5 Entertainment Highlights: Sandeep Reddy Vanga Reveals Why He Trimmed Animal’s Runtime by 7-8 Minutes, Plus Akshay Ku Updates

    Cote de Pablo reveals how Michael Weatherly used his soap opera roots to put her at ease in “NCIS” love scene – yahoo.com

    Cote de Pablo Reveals How Michael Weatherly’s Soap Opera Background Made Their “NCIS” Love Scene Easier

    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

  • 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
    AI’s race in the dark with China – Axios

    The High-Stakes AI Race: Innovation and Competition in the Shadows

    Eagle Unveils Revolutionary X-Ray Technology at Pack Expo

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Top 5 entertainment news: Sandeep Reddy Vanga regrets trimming Animal’s runtime by 7-8 minutes, Akshay Ku – Times of India

    Top 5 Entertainment Highlights: Sandeep Reddy Vanga Reveals Why He Trimmed Animal’s Runtime by 7-8 Minutes, Plus Akshay Ku Updates

    Cote de Pablo reveals how Michael Weatherly used his soap opera roots to put her at ease in “NCIS” love scene – yahoo.com

    Cote de Pablo Reveals How Michael Weatherly’s Soap Opera Background Made Their “NCIS” Love Scene Easier

    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

  • 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
    AI’s race in the dark with China – Axios

    The High-Stakes AI Race: Innovation and Competition in the Shadows

    Eagle Unveils Revolutionary X-Ray Technology at Pack Expo

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    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

AI’s race in the dark with China – Axios

The High-Stakes AI Race: Innovation and Competition in the Shadows

July 27, 2025
LeBron James’ future with Lakers beyond 2025-26 certain to generate speculation leading up to training camp – Yahoo Sports

LeBron James’ Lakers Future Beyond 2025-26 Sparks Intense Speculation Ahead of Training Camp

July 27, 2025
Energy landscapes direct the movement preferences of elephants – besjournals

Energy landscapes direct the movement preferences of elephants – besjournals

July 27, 2025
At United Nations Summer Program, Computer Science Student Examines AI Ethics – Georgetown University

At United Nations Summer Program, Computer Science Student Examines AI Ethics – Georgetown University

July 27, 2025
Return of wolves to Yellowstone has led to a surge in aspen trees unseen for 80 years – Live Science

Wolves’ Return to Yellowstone Sparks Unprecedented Aspen Tree Boom After 80 Years

July 27, 2025
‘Bluey’ Is Growing Up: BBC Plots All-Ages Expansion For The Franchise As A Full-Fledged Lifestyle Brand – Cartoon Brew

‘Bluey’ Is Growing Up: BBC Plots All-Ages Expansion For The Franchise As A Full-Fledged Lifestyle Brand – Cartoon Brew

July 27, 2025
Katie Ledecky, Summer McIntosh and a race for the ages at World Swimming Championships – NBC Sports

Katie Ledecky and Summer McIntosh Ignite an Epic Showdown at the World Swimming Championships

July 27, 2025
5 ways Trump has shaped the economy in 6 months – The Hill

5 Game-Changing Ways Trump Transformed the Economy in Just 6 Months

July 27, 2025
Flutter Entertainment Announces Pricing Of $1.272 Bln Of Additional Senior Secured Notes Due 2031 – Nasdaq

Flutter Entertainment Raises $1.27 Billion in Major Senior Secured Notes Offering Due 2031

July 27, 2025
KFF Health Tracking Poll: Public Views on Recent Tax and Budget Legislation – KFF

How the Public Really Feels About the Latest Tax and Budget Changes

July 27, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
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 (741)
  • Economy (765)
  • Entertainment (21,645)
  • General (16,135)
  • Health (9,803)
  • Lifestyle (773)
  • News (22,149)
  • People (767)
  • Politics (774)
  • Science (15,980)
  • Sports (21,263)
  • Technology (15,747)
  • World (748)

Recent News

AI’s race in the dark with China – Axios

The High-Stakes AI Race: Innovation and Competition in the Shadows

July 27, 2025
LeBron James’ future with Lakers beyond 2025-26 certain to generate speculation leading up to training camp – Yahoo Sports

LeBron James’ Lakers Future Beyond 2025-26 Sparks Intense Speculation Ahead of Training Camp

July 27, 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