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Main article: Real estate in China
Country Garden Holdings is one of the largest real estate operators in China (for 2022 it is one of the "big four" Chinese developers, along with Evergrande Group, Greenland Holdings and China Vanke, as well as among the thirty largest companies in the country and in the 500 largest companies in the world).
The company specializes in investment in real estate construction, development and project management, construction and finishing work, hotel business, and also invests in robotics and digital technologies.
Owners
As of September 2022, Yang Huiyan, daughter of founder Yang Guoqiang, owns a 59.6% stake in the company.
History
2024
Exclusion of shares from Hang Seng index
BYD Electronic International Co. added to Hong Kong's Hang Seng index following its latest quarterly review. Country Garden Services Holdings Co. is excluded from the index.
Company's offshore lenders hire consultants to negotiate debts
Offshore lenders Country Garden are hiring consultants to negotiate debts.
A special group of creditors is hiring PJT, Kirkland & Ellis, unnamed media sources said. Houlihan Lokey, CICC are no longer advisers on the company's debts.
2023
State support for the company
By November 2023, Country Garden Holdings Co. and Sino-Ocean Group were included in China's list of 50 developers eligible for financial support, indicating Beijing's pivot to helping some of the country's most troubled developers, Bloomberg sources said.
Bond default
On October 10, 2023, Country Garden defaulted and hired consultants as sales fell. The company said it may not be able to meet all of its offshore payment obligations on time.
Sharp decline in sales and decline in capitalization
In October 2023, Country Garden Holdings Co. posted its biggest drop in sales in six years as customer concerns over its ability to complete projects threaten to exacerbate a cash shortfall for a bankrupt Chinese developer.
Unlike Evergrande, which has been ruined by wasteful habits, Country Garden's problems stem from investors and homebuyers leaving the industry.
Reduction of 38% of personnel to 58 thousand employees
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