Bloomberg Daybreak: Asia Edition
China's Country Garden Gets Winding Up Petition
Feb 28, 2024
A discussion on the challenges facing China's property sector, Apple's decision to cancel their electric vehicle project, Alibaba's investment in AI, and insights on APAC markets from Catherine Yeung of Fidelity International.
19:04
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Quick takeaways
- Country Garden's winding up petition highlights China's property crisis and creditor negotiation challenges.
- Founder transition, family disputes, and regulatory crackdowns impact Country Garden's transformation and future strategies.
Deep dives
Country Garden's Restructuring Amidst Financial Challenges
Country Garden is facing financial challenges as it navigates restructuring to satisfy creditors. Despite a petition for winding-up, the company continues negotiating with creditors, emphasizing that the petitioner holds a small amount of debt compared to the total offshore debt. The situation is reminiscent of China Evergrande's struggles, where failure to reach a consensus led to a liquidation order in Hong Kong. The process for Country Garden is at an early stage, indicating a prolonged resolution period.
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