Country Garden’s Home Sales Tank 57% as Liquidity Stress Worsens

Sharing is Caring!

Country Garden Holdings Co.’s sales slump dragged on in August, exacerbating the Chinese developer’s liquidity woes as it battles a wind-up petition.

Contracted sales for August declined 57% from a year earlier to 3.43 billion yuan ($483 million), following a 72% drop in July, according to an exchange filing on Thursday.

See also  Slow Down? Existing Home Sales Rise YoY For First Time Since July 2021 (Near 2010 Levels, So Barely Rising)

The poor sales underscore the challenges facing the distressed real estate giant, which is counting on a turnaround in revenue to appease debt holders and fight off liquidation. Country Garden said on Thursday it is considering a fresh holistic restructuring plan for yuan bonds after struggling to raise cash for delayed debt repayments.

Offshore, the Foshan-based firm said in July that it plans to make the restructuring support agreement publicly available to all creditors by October. Its wind-up hearing in Hong Kong has been adjourned to late January.

www.bloomberg.com/news/articles/2024-09-05/country-garden-s-home-sales-tank-57-as-liquidity-stress-worsens


Views: 72

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.