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Bond Market News
Country Garden’s Losses Worsen
January 15, 2025
Country Garden (COGARD) recorded an RMB 178.4bn ($24.3bn) in 2023, significantly worse than its RMB 6bn ($820mn) loss in 2022, as it reported delayed results. The losses were attributed to impairments on unsold properties, falling gross margins, and asset price cuts. Despite narrowing its 1H2024 loss to RMB 12.8bn ($1.8bn), the company continues to face a cash crunch. Its total cash holdings stood at RMB 45bn ($6.1bn) as compared against RMB 250bn ($34bn) in debt and RMB 406bn ($55bn) in payables. Revenues for 1H2024 stood at RMB 102bn ($14bn). The developer aims to finalize a debt restructuring plan with offshore creditors by mid-2025, targeting up to $11.6bn in debt reduction. However, disagreements continue with a key bondholder group.
COGARD’s deeply distressed dollar bonds were trading stable at over 10 cents on the dollar.
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