On August 8, the market reported that Country Garden failed to pay interest on two US dollar debts due on August 7. The two US dollar bonds are US$ 500 million bonds due on February 6, 2026 with 4.2% in coupon rate and US$ 500 million bonds due on August 6, 2030 with 4.8% in coupon rate. Interest on both bonds has a grace period of 30 days.
Regarding the unpaid interest on two US dollar debts, the relevant person in charge of Country Garden told shanghai securities news that since 20021,the industry has been in a continuous downturn, with multiple unfavorable factors superimposed, resulting in a continuous decline in industry sales. The industry has entered an unprecedented difficult period, and the company has been insisting on it, but it is hard to say the dawn.
The company always insists on fulfilling its social responsibilities and makes every effort to ensure delivery, fair exchange and safety. The total number of houses delivered in 2022 is close to 700,000, and the company expects to deliver another 700,000 houses this year. In the first half of the year, the delivery task of 278,000 houses was successfully completed, and the delivery volume continued to rank first in the industry, with no overdue delivery.
Relevant persons in Country Garden said that due to the recent deterioration of the sales and refinancing environment and the supervision of various funds, the company's book available funds continued to decrease, and there was staged liquidity pressure. The company attaches great importance to the resolution of debt risks, and it is still within the 30-day grace period. The company is still actively optimizing capital arrangements and striving to protect the legitimate rights and interests of creditors.
Brief introduction of Country Garden Group
Country Garden Holdings Limited, headquartered in Shunde, Guangdong, is a new type of urbanized housing developer. Adopt a centralized and standardized operation mode. Its business includes: property development, Jian 'an, decoration, property management, property investment, hotel development and management, etc.
Country Garden was listed on the main board of the Stock Exchange on April 20, 2007, and became a component of Morgan Stanley Capital International Global Standard Index on September 1 2007. On September 10, it became a constituent stock of Hang Seng Composite Index, Hang Seng China Mainland Composite Index and Hang Seng China Mainland Circulation Index (now 100).
As of 20 15 12 3 1, Country Garden has property development projects in several strategically selected areas in 25 provinces/cities/autonomous regions except Guangdong Province.