Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

Country Garden Holdings Co / Equity Bottom-Up

<ul><li>China’s embattled property developer Country Garden Holdings is ramping up overseas asset sales as the company struggles to raise cash to address its debt woes.</li><li>The Guangdong-based developer has listed a residential development project in East London for sale, British media reported last week.</li><li>The divestiture came after Country Garden offloaded two projects in Australia.</li></ul>

China’s embattled property developer Country Garden Holdings is ramping up overseas asset sales as the company struggles to raise cash to address its debt woes.The Guangdong-based developer has listed a residential development project in East London for sale, British media reported last week.The divestiture came after Country Garden offloaded two projects in Australia.

Country Garden Offloads Overseas Projects to Address Debt Woes 

Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>Country Garden’s offshore debt default is happening. Its time to investor to revisit their position as restructuring is looming.</li>
<li>Investors may not have any access to Country Garden’s onshore assets under its current offshore issuance structure.</li>
<li>Evergrande’s offshore debt issuing structure could be more favourable compared to that of Country Garden in bankruptcy, depending on how the court interprets its Keepwell agreement.</li>
</ul>


Country Garden’s offshore debt default is happening. Its time to investor to revisit their position as restructuring is looming.
Investors may not have any access to Country Garden’s onshore assets under its current offshore issuance structure.
Evergrande’s offshore debt issuing structure could be more favourable compared to that of Country Garden in bankruptcy, depending on how the court interprets its Keepwell agreement.


Country Garden’s Offshore Debt Issuance Structure May Be Less Favorable than that of Evergrande

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. </li>
<li>We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. </li>
</ul>


This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. 
We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. 


The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>Reuters reported on 8-November that China’s State Council has asked the Guangdong local government to arrange the rescue of Country Garden Holding.</li>
<li>Ping An’s spokesperson said the company had not been approached by the government.</li>
<li>There is also no guarantee on when bondholders will get paid back and how much the recovery value will be.</li>
</ul>


Reuters reported on 8-November that China’s State Council has asked the Guangdong local government to arrange the rescue of Country Garden Holding.
Ping An’s spokesperson said the company had not been approached by the government.
There is also no guarantee on when bondholders will get paid back and how much the recovery value will be.


Country Garden : Jungle Rather than Garden

<ul>
<li>Country Garden should not be a surprise. The bond price at 5 cents is based on much uncertainty.</li>
<li>We list a few caveats why the bonds at 5 cents are not investible.</li>
<li>The potential wind-up order by the Hong Kong court will be a big test of the rule of law in China.</li>
</ul>


Country Garden should not be a surprise. The bond price at 5 cents is based on much uncertainty.
We list a few caveats why the bonds at 5 cents are not investible.
The potential wind-up order by the Hong Kong court will be a big test of the rule of law in China.


China

Country Garden Holdings Company Limited is a real estate developer.  The Company builds villas, townhouses and apartments in Mainland China. Country Gardens also develops large-scale community facilities such as schools, hotels, hospitals, and theme parks.

Country Garden Holdings Co (2007 HK)

Country Garden Offloads Overseas Projects to Address Debt Woes

China’s embattled property developer Country Garden Holdings is ramping up overseas asset sales as the company struggles to raise cash to address...

Caixin Global

Country Garden’s Offshore Debt Issuance Structure May Be Less Favorable than that of Evergrande

All other things equal, Country Garden's offshore debt issuance structure is less favorable than that of Evergrande's. The existence of a Keepwell...

Fern Wang

Country Garden : Jungle Rather than Garden

We believe the Chinese economy is not a completely free economy and such financing and equity injection arrangements for the troubled Chinese...

Bondcritic

Country Garden : Not a Nickel Play

Country Garden defaulted on its USD bonds on 18-October. Its COGARD complex was offered c.5 cents on the dollar but we cannot recommend buying...

Bondcritic

Country Garden Offloads Overseas Projects to Address Debt Woes

China’s embattled property developer Country Garden Holdings is ramping up overseas asset sales as the company struggles to raise cash to address...

Caixin Global

Country Garden’s Offshore Debt Issuance Structure May Be Less Favorable than that of Evergrande

All other things equal, Country Garden's offshore debt issuance structure is less favorable than that of Evergrande's. The existence of a Keepwell...

Fern Wang

The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Quiddity's New & Improved And Really Quite Spiffy H/A Discount Monitor. All the H/A Pairs, universe & sector metrics, with interactive tables and...

Travis Lundy

Country Garden : Jungle Rather than Garden

We believe the Chinese economy is not a completely free economy and such financing and equity injection arrangements for the troubled Chinese...

Bondcritic

Country Garden : Not a Nickel Play

Country Garden defaulted on its USD bonds on 18-October. Its COGARD complex was offered c.5 cents on the dollar but we cannot recommend buying...

Bondcritic