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Related Special Reports
...One of its largest clients, the developer Country Garden, has been scrambling in recent weeks to fend off default on dollar bond payments....
...Documents, emails and accounting records show that during this time PCC’s UK division has continued to operate out of an office in Grosvenor Gardens in Belgravia by using a complex web of front entities...
...Country Garden’s Hong Kong-listed stocks fell 11.1 per cent on Wednesday....
...Country Garden, one of the most prominent victims of China’s real estate cash crunch, is selling a Rmb3bn ($420mn) stake in a mall operator to tackle the fallout from an international bond default....
...Country Garden in February said a winding up petition had been brought against it in Hong Kong for failing to repay a $205mn loan....
...Country Garden, which defaulted in October after it was previously seen as one of China’s safest developers, had a winding-up petition filed against it in Hong Kong in February over a $200mn loan....
...The wider economic damage from Country Garden will take longer to emerge. Country Garden’s September sales volumes fell 81 per cent. Market prices are still nowhere near reaching the bottom....
...Several state banks last year unveiled new credit lines to companies including Country Garden as part of government support for the property market. But Country Garden’s sales kept falling....
...Coll’s new work has similarities to another fantasy for piano and orchestra, Falla’s Nights in the Gardens of Spain, and that was its well-chosen counterpart in the concert’s second half....
...Country Garden’s sales fell 44 per cent year-on-year in the first six months of 2022....
...Country Garden’s woes have also compounded fears that the crisis will spill over into other sectors....
...Wolfe gives the example of the all-but-defaulted Country Garden, which managed to survive the first sales plunge, but not the second: Some good old-fashioned extend-and-pretend tactics are probably needed...
...Country Garden declined to comment....
...Country Garden, the country’s biggest developer by 2022 sales, warned on Friday that its first-half loss could reach $7.6bn....
...The rating agency also warned that the situation at Country Garden “may exacerbate weakness in [Chinese] homebuyers’ sentiment”....
...Country Garden said it had liabilities of about Rmb1.36tn as of the end of the first half of 2023....
...“These would inevitably affect [Country Garden’s] ability to raise fund[s]. Buyer’s sentiment and demand will also be adversely affected.” So far, Country Garden appears to be holding the line....
...— in response to Country Garden’s particular set of problems....
...Her current record stands at $3.3mn, for “The Garden of Paracelsus” (1957), which sold in 2022....
...Country Garden has requested a 40-day grace period for a renminbi bond maturing next week, in the latest sign of distress at one of China’s largest private property developers....
...Until recently Country Garden was seen as a safer prospect than many of its highly leveraged peers....
...Yang was born in 1981, a decade before her father, Yang Guoqiang, founded Country Garden in the southern province of Guangdong....
...Country Garden was not present....
...Around that time, fellow developer Country Garden, until recently the largest developer in mainland China by sales, began to miss payments on its international bonds....
...Country Garden was included in a government list of “high quality” developers eligible for funding support from state-owned banks in November....
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