Sunday, June 15, 2025
No Result
View All Result
  • Home
  • Guest Post
  • Submit Review Article
  • Contact
Somali Update
  • Headlines
    • Politics
  • Auto
    • Bike
    • Car
  • Business
    • Finance
    • Funding
    • Internet Marketing
    • Entrepreneurship
    • Startups
    • Insurance
    • Real Estate
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoins
    • Crypto Airdrop
    • ICO News
  • Entertainment
    • Poll
    • Quiz
  • Lifestyle
    • Health
    • Fashion
    • Food
    • Romance
    • Travel
  • Sports
    • Baseball
    • Basketball
    • Cricket
    • Football
    • Hockey
    • NFL
    • Tennis
    • WWE
  • Tech
    • Gadgets
    • Hardware
    • Software
    • Android
    • iOS
    • Social Media
  • Casino
    • Betting
  • Headlines
    • Politics
  • Auto
    • Bike
    • Car
  • Business
    • Finance
    • Funding
    • Internet Marketing
    • Entrepreneurship
    • Startups
    • Insurance
    • Real Estate
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoins
    • Crypto Airdrop
    • ICO News
  • Entertainment
    • Poll
    • Quiz
  • Lifestyle
    • Health
    • Fashion
    • Food
    • Romance
    • Travel
  • Sports
    • Baseball
    • Basketball
    • Cricket
    • Football
    • Hockey
    • NFL
    • Tennis
    • WWE
  • Tech
    • Gadgets
    • Hardware
    • Software
    • Android
    • iOS
    • Social Media
  • Casino
    • Betting
No Result
View All Result
Somali Update
No Result
View All Result

Country Garden Faces Debt Crisis as Bond Trading Halted

by David Collins
2 years ago
in News
Reading Time: 2 mins read
0
Home News
Share on FacebookShare on TwitterShare on WhatsAppShare on Telegram

China’s largest private developer suspends onshore bond trading

Country Garden, China’s largest private property developer by sales, has announced that it will suspend trading in 11 of its onshore bonds from Monday, amid growing concerns over its debt problems. The company said the suspension was due to “market conditions and the company’s operational needs”, and did not specify when the trading would resume.

The move came after reports on Friday that Country Garden was heading for a debt restructuring, after it missed payments of two dollar bond coupons due on Aug. 6 totalling $22.5 million. The company also said its controlling shareholder, Country Garden Holdings Co Ltd, expected to report a net loss of 16.7 billion yuan ($2.6 billion) for the first half of this year, mainly due to impairment losses on its property projects.

Country Garden’s debt troubles have added to the woes of China’s property sector, which has been struggling with plunging sales, tight liquidity and a series of developer defaults since late 2021. The sector has been hit hard by the government’s crackdown on excessive borrowing and speculation, as well as the impact of the COVID-19 pandemic on consumer demand.

Country Garden Faces Debt Crisis

Country Garden’s shares and bonds tumble to record lows

The news of Country Garden’s bond trading suspension sent its shares and bonds tumbling to record lows on Monday. Shares of Country Garden dived 16.3% to HK$0.82 by noon in Hong Kong, dragging down the Hang Seng Mainland Properties Index which dropped 3.9%. The stock has lost nearly 50% so far this month.

Country Garden’s offshore bonds also eased, with a few trading at the lower end of 6 cents on the dollar. Its January 2031 bond traded at 6.071 cents as of 0228 GMT, according to data by Duration Finance. The company’s bonds have been downgraded by several rating agencies in recent months, reflecting its deteriorating credit profile and liquidity risk.

Country Garden is not the only Chinese developer facing debt distress. China Evergrande Group, the world’s most indebted developer, has been grappling with a liquidity crisis for months, as it tries to avoid a default on its $300 billion debt pile. The company has been selling assets, cutting prices and seeking government support to ease its cash crunch, but investors remain sceptical about its ability to survive.

Country Garden’s debt crisis poses spillover risks for China’s economy

The debt crisis at Country Garden and other Chinese developers poses spillover risks for China’s economy, which relies heavily on the property sector as a key driver of growth and employment. The sector accounts for about a quarter of China’s gross domestic product (GDP) and affects more than 40 industries.

The troubles in the sector have already weighed on China’s economic recovery from the COVID-19 pandemic, as weak overseas demand, tepid domestic consumption and persistent problems in the property market have been major factors in the economy’s struggles to mount a solid post-COVID rebound this year.

The meltdown in Country Garden also raises further pressure on policymakers to restore confidence in the economy, as more private property companies are close to a tipping point if financial support does not materialise soon. Analysts have warned that a disorderly collapse of a large developer could trigger a systemic crisis in China’s financial system and have contagion effects on other emerging markets.

David Collins

David Collins

David Collins is an accomplished author and experienced SEO consultant. His expertise in keyword research, on-page optimization, and link building has helped numerous businesses achieve organic growth. David's passion for writing and creativity shines through his work, as he explores various genres to engage readers.

Related Posts

raspberry pi animatronic robot with crt screen and blinking eyes

Raspberry Pi Hobbyist Builds a Retro-Future Robot That Actually Feels Like One

14 hours ago
Brad Pitt F1 premiere Mexico City 2025

Brad Pitt Reflects on Regret, Healing, and Holding On to What Really Matters

14 hours ago
gears of war reloaded promotional poster

Microsoft’s Free Gears of War Giveaway Turns Heads Ahead of Big Remaster Launch

2 days ago
nick chubb cleveland browns tunnel run november 2024

Nick Chubb Leaves Cleveland: A Browns Era Ends, and Houston Welcomes a Legend

2 days ago
deebo samuel washington commanders minicamp

George Kittle Pushes Back on Viral Deebo Samuel Criticism: “Knock It Off”

3 days ago
Nvidia AI chip acquisition news

Nvidia Gears Up for More Acquisitions, Fueling Future AI Dominance

3 days ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

SEARCH

No Result
View All Result

TRENDING

  • Trending
  • Comments
  • Latest
Raja Rani Coupon Result

Raja Rani Result Today: Raja Rani Result 28th August Live Updates

August 28, 2024
SkymoviesHD

SkymoviesHD Proxy to Unblock Site – SkymoviesHD Movies Download

March 6, 2024
Control Bionics Secures Major US Reimbursement for NeuroNode Device

Control Bionics Secures Major US Reimbursement for NeuroNode Device

August 19, 2024
Moviesda

Moviesda Proxy to Unblock Links – Moviesda Movie Download

March 6, 2024
near lossless electrical transmission discovery by mit scientists

Near-Lossless Electrical Transmission: A Breakthrough by MIT Scientists

September 12, 2024
Bigg Boss 7 Tamil Contestants Salary

Bigg Boss 7 Tamil Contestants Salary Per Day Revealed

January 9, 2024
Vegamovies

Vegamovies Proxy to Unblock Links – Vegamovies Movies Download

March 6, 2024
iBOMMA

iBOMMA Proxy to Unblock, Movies – IBOMMA Movie Download

March 6, 2024
Kolkata FF Fatafat Result

Kolkata FF Fatafat Result 24th January 2024 Live Updates

January 24, 2024
Tamilblasters

TamilBlasters Proxy – Unblock Links, Tamilblasters Movies Download

March 6, 2024

Business Ideas with Low Investment and High Profit

1
Bhutan Teer Result 2021

Bhutan Teer Result Today Live: Bhutan Teer Result 3rd January Update

1

Reasons to Join the PKT Cash Crypto Network

1
Kolkata FF Fatafat Result

Kolkata FF Fatafat Result 24th January 2024 Live Updates

1
Coinbase

Coinbase Crypto Exchange hires Jeff Horowitz as their CCO

0
Kucoin

KuCoin Scam? Office Location issue clarified

0
Nokia 5G mobile

Nokia 5G Mobile to be launched with T-Mobile soon

0
CasinoBuzz

Casino.Buzz: One of the most Informative Online Casino Review Website

0
Facebook Ban alex jones

Facebook Suspends Alex Jones for Hate Speech

0
Good Rummy Party

What Makes a Good Rummy Party?

0
raspberry pi animatronic robot with crt screen and blinking eyes

Raspberry Pi Hobbyist Builds a Retro-Future Robot That Actually Feels Like One

June 14, 2025
Brad Pitt F1 premiere Mexico City 2025

Brad Pitt Reflects on Regret, Healing, and Holding On to What Really Matters

June 14, 2025
gears of war reloaded promotional poster

Microsoft’s Free Gears of War Giveaway Turns Heads Ahead of Big Remaster Launch

June 13, 2025
nick chubb cleveland browns tunnel run november 2024

Nick Chubb Leaves Cleveland: A Browns Era Ends, and Houston Welcomes a Legend

June 13, 2025
deebo samuel washington commanders minicamp

George Kittle Pushes Back on Viral Deebo Samuel Criticism: “Knock It Off”

June 12, 2025
Nvidia AI chip acquisition news

Nvidia Gears Up for More Acquisitions, Fueling Future AI Dominance

June 12, 2025
end of abyss video game demo gameplay summer game fest

End of Abyss Might Be the Next Obsession for Fans of Little Nightmares and Metroidvanias

June 11, 2025
Khaby Lame airport Las Vegas ICE detention

Khaby Lame Leaves U.S. After ICE Detainment Over Visa Violation

June 11, 2025
code vein game screenshot steam sale bandai namco

Dark Souls-inspired anime action-RPG slashed to just $8.99 — but mixed reviews raise some fair questions.

June 10, 2025
dog travel, Algarve beaches, Portugal with dogs, pet friendly travel, dog friendly holidays

The Best Dog Friendly Beaches in the Algarve: Where Paws Meet Paradise

June 10, 2025

ABOUT US

From global politics to cultural trends, we bring you comprehensive coverage and diverse perspectives. Stay connected with the international community and explore stories from around the globe. Engage with our thought-provoking articles and stay informed about the world’s most pressing issues.

Contact us at ceo.somaliupdate@gmail.com

ADVERTISE WITH US

We accept following advertisement methods in our website.

  • Guest Post
  • Sponsored Post
  • Banner Ad
  • Homepage Ad
  • Sidebar Ad
  • Niche Edit
  • Link Ad
  • Review Article

POPULAR CATEGORIES

List of Popular categories in our websites which are loved more frequently by our beloved readers.

  • AUTO
  • BUSINESS
  • CRYPTO
  • GAMBLING
  • SPORTS
  • TECH
  • HEALTH

THIS WEEK POLLS

Sorry, there are no polls available at the moment.
  • Polls Archive
  • Home
  • Guest Post
  • Submit Review Article
  • Contact

© 2023 SOMALIUPDATE - Developed by VISION

No Result
View All Result
  • Headlines
    • Politics
  • Auto
    • Bike
    • Car
  • Business
    • Finance
    • Funding
    • Internet Marketing
    • Entrepreneurship
    • Startups
    • Insurance
    • Real Estate
  • Crypto
    • Bitcoin
    • Ethereum
    • Altcoins
    • Crypto Airdrop
    • ICO News
  • Entertainment
    • Poll
    • Quiz
  • Lifestyle
    • Health
    • Fashion
    • Food
    • Romance
    • Travel
  • Sports
    • Baseball
    • Basketball
    • Cricket
    • Football
    • Hockey
    • NFL
    • Tennis
    • WWE
  • Tech
    • Gadgets
    • Hardware
    • Software
    • Android
    • iOS
    • Social Media
  • Casino
    • Betting

© 2023 SOMALIUPDATE - Developed by VISION