{"id":48352,"date":"2023-08-14T18:29:10","date_gmt":"2023-08-14T22:29:10","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/chinas-country-garden-slumps-to-record-low-after-halting-bond-trading\/"},"modified":"2023-08-14T18:29:12","modified_gmt":"2023-08-14T22:29:12","slug":"chinas-country-garden-slumps-to-record-low-after-halting-bond-trading","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48352","title":{"rendered":"China\u2019s Country Garden slumps to record low after halting bond trading"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — Hong Kong shares of Chinese property developer Country Garden <\/span><\/span> Holdings (HK:) slumped to a new record low on Monday after the firm said it will suspend trading in its onshore bonds amid growing debt problems.<\/p>\n

The firm – one of China\u2019s biggest property developers – said in a filing released over the weekend that it will suspend the trading in onshore bonds of 11 of its units, after it missed payments on two dollar bond coupons worth $22.5 million earlier in August.<\/p>\n

The move also comes amid Chinese media reports that the firm is seeking a potential debt restructuring, after it flagged a massive, up to nearly $8 billion loss for the first half of 2023.\u00a0<\/p>\n

Country Garden\u2019s shares slumped 17.4% to a record low of HK$0.81 by the midday break. It was the worst performer on the index, which fell 2.5%.\u00a0<\/p>\n

Other major property developers also sank, with Longfor Properties Co Ltd (HK:) and Sunac <\/span><\/span> China Holdings Ltd (HK:) losing 1.7% and 3.4%, respectively. China Jinmao Holdings Group Ltd (HK:), which had also warned last week of a sharp drop in its half-year profit, slumped over 7% on Monday.<\/p>\n

Country Garden\u2019s woes mark a reversal from the firm\u2019s position over the past three years, where it was seen as having largely avoided a downturn in China\u2019s massive property market.\u00a0<\/p>\n

Declining construction activity, limited funding sources, and a sharp drop in sales battered China\u2019s property sector over the past three years, with the default of China Evergrande being a particular highlight.\u00a0<\/p>\n

A potential default by Country Garden could end up becoming the most high-profile default in China since Evergrande, and bodes poorly for the country as it struggles with post-COVID economic recovery.\u00a0<\/p>\n

In a note to clients, analysts at Morgan Stanley downgraded their rating of the stock to Underweight, arguing that “liquidity issues and higher default risk [are] likely to lead to slower earnings growth.”<\/p>\n

Weakness in Country Garden could also further dent the real estate sector by keeping both buyers and investors away, presenting increasing headwinds to what was once China\u2019s biggest economic engine.<\/p>\n

(Ambar Warrick contributed to this report.)<\/em><\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — Hong Kong shares of Chinese property developer Country Garden Holdings (HK:) slumped to a new record low on Monday after the firm said it will suspend trading in its onshore bonds amid growing debt problems. 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