Country Garden tumbled further to become penny stock in Hong Kong
COMPANY NEWS MARKET REAL ESTATE STOCKS
Country Garden tumbled further to become penny stock in Hong Kong
COMPANY NEWS MARKET REAL ESTATE STOCKS

Country Garden tumbled further to become penny stock in Hong Kong

 

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Chinese property developer Country Garden is slumping 7.7% in Hong Kong to drop below HK$1 mark amid heightened liquidity and refinancing risk.

The company expects to record a loss of 45 – 55 billion yuan for the first half of the year mainly due to higher impairment provisions on projects, according to a filing to the Hong Kong Stock Exchange on Thursday.

That came after the homebuilder said on Tuesday that it had missed two dollar bond coupon payments due on Aug. 6 totalling $22.5 million, slipping into repayment troubles.

Moody’s on Thursday downgraded Chinese developer Country Garden’s corporate family rating (CFR) to Caa1 from B1, citing heightened liquidity and refinancing risk after the company missed bond payments.