FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo
Hong Kong, China — Shares in Chinese property giant Country Garden soared more than 25 percent in Hong Kong on Tuesday, after the embattled firm resumed trading in the city following a nine-month suspension.
The company’s stock rocketed 25.8 percent to HK$0.61 in its first day of trading after a nine-month suspension.
Article continues after this advertisementCountry Garden, once China’s largest property developer, reported losses of US$24.3 billion in delayed 2023 financial results last week.
FEATURED STORIES BUSINESS BIZ BUZZ: New general counsel at BSP? BUSINESS Trump signs order ending work from home for federal employees BUSINESS Philippine real estate outlook remains promising, resilientThat is a huge jump from the US$825 million loss it recorded in 2022 as China’s real estate sector slumped.
new casino games freeREAD: China’s Country Garden faces heat from liquidation suit
Data from the NDA shows that the country’s milk supply is 99 percent imported, while a study presented at the conference found that the Philippine dairy market grew by 10.2% in 2022 with growth projected to remain in double digits.
The latest PSA data released on Tuesday showed a -1.0 percent drop in August, compared to -0.4 percent in July and -0.2 percent in June.
Article continues after this advertisementCountry Garden has said it had “attributable interest-bearing liabilities” of approximately US$16.4 billion in relation to offshore debts as of year-end 2023.
Article continues after this advertisementThe firm also said it had lost US$1.8 billion in the first half of 2024, according to interim results.
Article continues after this advertisementThe Guangdong province-based company said this month that it had proposed a debt restructuring plan that would cut its offshore debt by US$11.6 billion.
And at a winding-up hearing in Hong Kong on Monday relating to non-payment of a US$205 million loan, a judge adjourned a petition to liquidate the firm to May 26.
Article continues after this advertisementThat was despite the petitioner’s lawyer arguing that it was “doubtful” whether a deal could be reached between the firm and its creditors.
China’s property sector experienced dazzling growth for two decades before a debt crisis and housing slump in recent years — fanned by a government crackdown on excessive lending — left several developers in financial trouble.
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Evergrandemcw casino, another real estate giant, was ordered liquidated in January 2024.
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