China’s second-largest developer Country Garden with annual revenues of more than $70 billion, is on the verge of collapse.
The company’s 8% bonds due in 2024 are trading at a paltry 9 cents, signalling massive losses for the bondholders. The yield is skyrocketing, meaning nobody expects it to be paid.
Country Garden to Suspend Trading of at Least 10 Onshore Bonds after a week where they failed to pay coupons of a couple of international payments.
Chinese money and credit trends look worse than US trends post Lehman, which means that either China rebounds now due to a strong response from the CCP or else it is the end of the Chinese economy as we know it!
We will have 100% dedicated coverage of China next week at Steno Research
Until then, you can read our Weekly from earlier today that goes through all the details on Chinese Real Estate and the new issues with Country Garden.
Bro check out Country Garden
China’s second-largest developer Country Garden with annual revenues of more than $70 billion, is on the verge of collapse.
The company’s 8% bonds due in 2024 are trading at a paltry 9 cents, signalling massive losses for the bondholders. The yield is skyrocketing, meaning nobody expects it to be paid.
China’s property meltdown continues 🔥🔥🔥
https://twitter.coml/WallStreetSilv/status/1691116823826030592
CONTINUED MAYHEM IN CHINESE REAL ESTATE
Country Garden to Suspend Trading of at Least 10 Onshore Bonds after a week where they failed to pay coupons of a couple of international payments.
Chinese money and credit trends look worse than US trends post Lehman, which means that either China rebounds now due to a strong response from the CCP or else it is the end of the Chinese economy as we know it!
We will have 100% dedicated coverage of China next week at Steno Research
Until then, you can read our Weekly from earlier today that goes through all the details on Chinese Real Estate and the new issues with Country Garden.
Find the link here -> https://buff.ly/45uXN4V
https://twitter.com/AndreasSteno/status/1690715894521950208
Chinese Real Estate Developer Country Garden Holdings Co FAILS to pay dollar bond coupon payment, on course for default.
This is bigger than Evergrande.
https://fortune.com/2023/08/09/country-garden-default-china-real-estate-developer-bigger-than-evergrande/
Nipples. Firmly. Erect.