Chinese real estate company Country Garden has confirmed that the interest of the US dollar debt that cannot be paid to the US dollar is likely to fall into a debt crisis.Some analysts believe that if Country Garden is in the dilemma of debt defaults, its impact may be more serious than Evergrande's debt crisis.
Comprehensive Bloomberg, Reuters and Finance News reported that insiders inside Country Garden acknowledged on Tuesday (August 8) that Country Garden failed to pay about 22.5 million US dollars (7th) on Monday (7th)Two US dollar bond tickets from S $ 30.238 million).
These two US dollar bonds are issued on the Singapore Exchange with a total face value of US $ 1 billion and will expire in February 2026 and August 2030, respectively.
According to the prospectus of the above bonds, before the bond holder issued a default notice, Country Garden has a 30 -day wide limit to pay these interests, otherwise Country Garden will default.
The insiders of Country Garden said that since 2021, the Chinese real estate market has continued to sluggish, and multiple unfavorable factors have superimposed, resulting in continuous decline in sales, open market financing, and its industries have entered an unprecedented difficult period, and recent sales have been sold in the near future.The amount and re -financing environment continues to deteriorate, and the company's book can continue to decrease with funds, and phased flow pressure has occurred.The company has been sticking to it, but it is difficult to see the dawn.
In the past two weeks, Country Garden has been affected by a series of negative news and market rumors about its financial situation.Country Garden announced on July 31 that the company had a net loss in the first half of this year, and the cash flow may have difficulty.
Caixin.com also quoted a screenshot circulating on the Internet on Tuesday reports that the Foshan Natural Resources Bureau prompts the two subsidiaries of Country Garden to pay 1.37 billion yuan (RMB, about 2.56, about 2.56100 million yuan) Land transfer fee.
After being impacted by various negative news, after the Country Garden Hong Kong Stocks plummeted 14%on Tuesday, it continued to decline by 1.1%on Wednesday (9th) to reach the lowest level since November 2022.Rating.
The Wall Street Journal reported that Country Garden, which was once hailed by the Chinese government as the "model student" of the industry, was in a cash flow dilemma, indicating that the Chinese real estate market has experienced a short return to the beginning of this year.Essence
Business Insider analyst Kristy Hung also wrote in a report on Wednesday that the number of Country Garden projects is four times that of Evergrande, so any possible debt defaults of Country Garden to ChinaThe impact of the real estate market will bring the impact of the debt crisis of Evergrande at the end of 2021, and may significantly weaken the confidence of buyers' confidence in private developers for debt repayment.
