Country Garden’s Dollar Bonds Rally after Improved Leverage Metrics
Leading Chinese property developer Country Garden (COGARD) reported its results yesterday. Its dollar bonds jumped as much as 6 points after its results. Below are some highlights of its earnings release: 17% YoY drop in its 2021 core net profits to RMB 26.9bn...
Zhenro Perps Unpaid after Grace Period; Shimao, COGARD Transfer Funds for Bond Payment
Zhenro Properties’ perpetual bond will be suspended from trading after the builder said that it did not redeem the perp as planned, following a 10-day grace period. Earlier this week, Zhenro said that it received sufficient bondholder support for a proposed debt...
Country Garden Secures $2.4bn Financing Deal
Country Garden (COGARD) and China Merchants Bank (CMB) have entered into a “property merger and acquisition financing strategic cooperation agreement”. CMB will grant COGARD RMB 15bn ($2.4bn) for the latter’s property M&A business. Another...
Country Garden’s Bonds Drop Over 4-5 Points
Dollar bonds of investment grade Chinese property developer Country Garden fell over 10% on Monday. While no specific reason for the fall was identified, preliminary data by China Real Estate Information Corp. indicates that the 100 biggest companies in China’s...
