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Country Garden Warns of $3bn First-Half Loss Amid Prolonged Property Slump
August 25, 2025
Country Garden (COGARD) said its first-half loss could widen to as much as CNY 18.5–21.5bn ($2.6–3bn), a decline over the reported loss of CNY 15.1bn ($2.1bn) for the similar period in the prior year. The decline reflects a smaller scale of settlement for low-margin projects and higher asset impairments, the company said. China’s housing slump is now in its fourth year with new-home prices continuing to fall despite repeated policy support. COGARD has been in talks with creditors to restructure $14.1bn in offshore debt after defaulting in 2023. The company noted that its “utmost concern is the debt risk resolution” and that it is actively working with stakeholders to establish a more sustainable capital structure. Bloomberg reported that the group agreed to some restructuring terms sought by key bank creditors last month. Bloomberg added that this step could help clear the path to a broader debt deal.
COGARD’s dollar bonds are trading at the distressed levels of 9 cents on the dollar.
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