A stroll through the Country Garden smoking crater

Monday, 14 August 2023

Caixin strolls through the Country Garden only to be choked to its knees in a smoking crater.

Country Garden Holdings Co. Ltd., one of China’s largest property developers, is in hot water.

After missing coupon payments on two offshore bonds earlier this week, the Hong Kong-traded builder said Thursday that it expected its net loss in the first half of 2023 to reach 45 billion yuan ($6.2 billion) to 55 billion yuan, reversing a net profit of around 1.9 billion yuan in the same period last year. The estimate is well above the company’s net loss of 3 billion yuan for all of 2022, the first annual loss since it went public in 2007.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.