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Caixin Global

Articles from Caixin Global

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Equity Bottom-Up

Country Garden Holdings / 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 

Country Garden Services / Equity Bottom-Up

<ul><li>Chinese property developer Country Garden Holdings Co. Ltd. vowed to deliver more than 480,000 homes in 2024, a more modest target than 2023 after it failed to achieve its 700,000-unit goal last year.</li><li>The focus of 2024 is still to “guarantee delivery, guarantee operation and guarantee credit,” of which delivery is the bottom line that Country Garden “must firmly hold,” Chairwoman Yang Huiyan said at the developer’s annual meeting Monday.</li><li>Country Garden, once China’s No. 1 developer by sales, delivered more than 600,000 units last year, short of its goal set at the beginning of 2023, the developer said.</li></ul>

Chinese property developer Country Garden Holdings Co. Ltd. vowed to deliver more than 480,000 homes in 2024, a more modest target than 2023 after it failed to achieve its 700,000-unit goal last year.The focus of 2024 is still to “guarantee delivery, guarantee operation and guarantee credit,” of which delivery is the bottom line that Country Garden “must firmly hold,” Chairwoman Yang Huiyan said at the developer’s annual meeting Monday.Country Garden, once China’s No. 1 developer by sales, delivered more than 600,000 units last year, short of its goal set at the beginning of 2023, the developer said.

Country Garden Pledges to Deliver More Than 480,000 Homes in 2024 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Credit

<ul>
<li>Last night, COAGRD issued a 4-page press release on profit warning and its reflections.</li>
<li>Compared with the press release on 31 Jul’23, the profit warning last night was more specific with an expected net loss ranging from RMB45-55bn.</li>
<li>COGARD also mentioned the self-rescue measures including the cumulative financial support of HKD6.6bn from controlling shareholder. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Last night, COAGRD issued a 4-page press release on profit warning and its reflections.
Compared with the press release on 31 Jul’23, the profit warning last night was more specific with an expected net loss ranging from RMB45-55bn.
COGARD also mentioned the self-rescue measures including the cumulative financial support of HKD6.6bn from controlling shareholder. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

Country Garden Holdings / Technical Analysis

<ul><li>As a background, can I refer the reader to Substack Note No One Cares 有中国特色 Real Estate Liquidity Spiral to Solvency Challenge 31st October 2022 ?</li><li>It bottoms ticked recovery in the highly leveraged Real estate Index Hang Seng Mainland Property Index (HSPMI) and rallied 103% from trough to peak 27th January 2023.</li><li>The mainland listed Index CSI 300 Real estate (CSI300RE) trough (1st November) to peak (27th November) was 43.5%.</li></ul>

As a background, can I refer the reader to Substack Note No One Cares 有中国特色 Real Estate Liquidity Spiral to Solvency Challenge 31st October 2022 ?It bottoms ticked recovery in the highly leveraged Real estate Index Hang Seng Mainland Property Index (HSPMI) and rallied 103% from trough to peak 27th January 2023.The mainland listed Index CSI 300 Real estate (CSI300RE) trough (1st November) to peak (27th November) was 43.5%.

<ul><li>We think Mr. Yeung’s retirement poses no material impact on CG as the ground has been laid back in 2018 with Ms. Yan being the co-Chairlady and stable management (The triangle Mr. Mo, Dr. Cheng and Ms. Wu).</li><li>Instead, we think the change may give current management more flexibility for the strategy.</li><li>Fundamental-wise, CG still recorded 35% YoY sales decline in 2M23 due to lack of new launches and underperforming lower tier cities. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We think Mr. Yeung’s retirement poses no material impact on CG as the ground has been laid back in 2018 with Ms. Yan being the co-Chairlady and stable management (The triangle Mr. Mo, Dr. Cheng and Ms. Wu).Instead, we think the change may give current management more flexibility for the strategy.Fundamental-wise, CG still recorded 35% YoY sales decline in 2M23 due to lack of new launches and underperforming lower tier cities. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Country Garden (2007 HK) – Mr. Yeung’s retirement not a surprise

China

Country Garden Holdings is a major real estate development company primarily engaged in property development, construction, property investment, property management, and hotel operations. The company offers a diverse portfolio including residential projects, commercial properties, and integrated urban developments. It was founded in 1992 and is headquartered in Foshan, China.

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Country Garden Holdings (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 Pledges to Deliver More Than 480,000 Homes in 2024

Chinese property developer Country Garden Holdings Co. Ltd. vowed to deliver more than 480,000 homes in 2024, a more modest target than 2023 after...

Caixin Global

COGARD: Our Reflections

Compared with the press release on 31 Jul’23, the profit warning last night was more specific with an expected net loss ranging from RMB45-55bn.

CMB International

China Real Estate

It bottoms ticked recovery in the highly leveraged Real estate Index Hang Seng Mainland Property Index (HSPMI) and rallied 103% from trough to peak...

Untying The Gordian Knot

Country Garden (2007 HK) – Mr. Yeung’s retirement not a surprise

We think Mr. Yeung’s retirement poses no material impact on CG as the ground has been laid back in 2018 with Ms. Yan being the co-Chairlady and...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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