Dollar bonds of Country Garden (COGARD) were lower by 2.5-3% across the curve yesterday.  While the exact reason for the drop in prices is not known, the developer reported contracted sales numbers earlier this month. It saw a 24% YoY fall in contracted sales for February 2023 at RMB 24.85bn ($3.6bn) vs RMB 32.76bn ($4.7bn) in February 2022. Additionally, contracted sales GFA (Gross Floor Area) has also dropped from 4.48mn sqm in February 2022 to 3.31mn sqm in February 2023, representing a 26% YoY drop. Separately, Mr. Yeung Kwok Keung, former Chairman and Executive Director of Country Garden, has tendered his resignation on the grounds of age. Ms. Yang Huiyan, former Co-Chairman of the company, will succeed Mr Yeung with effect from March 1.

COGARD’s dollar bonds were trading lower with its 2030s down by 0.8-1.1 points to trade at current levels of ~52 cents on the dollar.


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