Country Garden says it may not be able to repay debt, warns of uncertainty around liquidity position
Publishing timestamp: 2023-10-09 22:26:53
Summary
Chinese real estate developer Country Garden Holdings has failed to make a debt repayment of $60 million and expects uncertainty in its liquidity position. The company warns that this could lead to creditors demanding faster repayments or pursuing enforcement action. Country Garden's shares fell while the broader Hang Seng index rose. The company also recorded a decline in contracted sales for the sixth straight month, and the Chinese property sector as a whole is facing debt problems that are impacting consumer confidence.
Sentiment: NEGATIVE
Tickers: 2007-HK, 3333-HK, .HSI,
Keywords: business news, hang seng index, country garden holdings co ltd, real estate,
Source: https://www.cnbc.com/2023/10/10/country-garden-says-it-may-not-be-able-to-repay-debt.html