BEIJING: Shares in Chinese property giant Country Garden plunged on Monday (Aug 14) after it missed bond payments and warned of billions of dollars in losses, deepening fears about the country's heavily indebted real estate sector.

Source: https://www.channelnewsasia.com/business/china-property-country-garden-default-risk-shares-fall-3697891?cid=cna_flip_070214

Country Garden missed a scheduled bond payment, its bonds stopped trading and it was de-listed from the Hang Seng Index.

Source: https://www.forbes.com/sites/annrutledge/2023/08/19/china-credit-contagion-risk-is-phantom-structural-challenges-are-real/

Country Garden will ask bondholders to vote on both the delayed payment plan and the full repayment petition this week.

Source: https://fortune.com/2023/08/21/country-garden-to-leave-hang-seng-index-hong-kong-bond-payment/

Developers such as Country Garden, China's biggest property developer, are facing massive losses and potential defaults.

Source: https://seekingalpha.com/article/4628253-yinn-a-leveraged-flamethrower-to-a-global-margin-call?source=feed_all_articles

Even as other developers stopped paying their bills, Country Garden continued to make good on its obligations.

Source: https://www.nytimes.com/2023/08/15/business/country-garden-china-property.html

Fitch had downgraded Country Garden Services to BB+ and placed its rating on negative watch last week.

Source: https://www.channelnewsasia.com/business/country-garden-fitch-plans-withdraw-rating-3916431?cid=cna_flip_070214

In its Tuesday filing, Country Garden said that sales have been under “remarkable pressure” since the start of 2023.

Source: https://fortune.com/2023/10/10/china-country-garden-says-first-default-come-soon-september-sales-real-estate-crisis/

Now, financial troubles at Country Garden, another real estate giant, are raising fresh concerns.

Source: https://www.nytimes.com/2023/08/09/business/country-garden-china-real-estate.html

Property stocks also saw sharp losses, including Longfour Group Holdings, which fell 4.59%, and Country Garden, which fell 4.56%.

Source: https://www.mariontoday.org/asia-pacific-markets-central-bank-rate-hike-rba/

Shares in Country Garden plummeted 16% on Monday to a new record low, leading the losses among the Hang Seng Index constituents,…

Source: https://biztoc.com/x/076da8195770423f?ref=ff

“This is noteworthy because, in addition to its size, Country Garden was previously viewed as being in relatively good shape compared to most other private developers,” said Julian Evans-Pritchard, head of China economics at Capital Economics.

Source: https://www.channelnewsasia.com/business/cna-explains-china-property-developer-country-garden-crisis-how-worried-should-world-be-3737226?cid=cna_flip_070214

Yang became Country Garden vice-chair in 2012, then co-chair in 2018.

Source: https://fortune.com/2023/12/14/chinese-developer-country-garden-slashes-pay-yang-huiyan-avoids-onshore-default-china-property-crisis/

Yang Huiyan, chairperson of debt-ridden property developer Country Garden, fell 24 spots to No. 93 with $3.6 billion.

Source: https://www.forbes.com/sites/forbespr/2023/11/08/wealth-of-chinas-100-richest-on-forbes-list-edges-down-to-895-billion/