This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
COGARD’s Contracted Sales Drop Eases Amid China Stimulus
November 5, 2024
Country Garden (COGARD) saw a moderation in the drop of its contracted sales for October. Sales fell 31% to RMB 4.3bn ($610mn), as compared to a 41% drop in September. Additionally, its October sales were 20% higher than in September, reflecting signs of stabilization. This improvement follows a series of measures introduced by China in September to boost the economy and property market, such as reducing borrowing costs and relaxing property purchase restrictions. The developer has been struggling with liquidity issues and is working on a debt restructuring plan after defaulting on its dollar debt in 2023. It is currently in discussions with creditors but recently missed its self-imposed deadline for securing their support for the restructuring terms. A court hearing regarding the company’s liquidation was recently postponed until January. Despite the sales uptick, COGARD still lags behind its competitors. In October, sales from the 100 largest real estate companies in China rose 7.1% YoY , reversing a steep 37.7% decline in September.
COGARD’s dollar bonds traded stable at 9-10 cents on the dollar.
For more details, click here
Go back to Latest bond Market News
Related Posts:Country Garden Misses Self-Made Deadline for Restructuring Plan
October 10, 2024
COGARD Suspends Trading of Onshore Bonds
August 14, 2023
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.