{"id":9634,"date":"2023-08-07T05:35:47","date_gmt":"2023-08-07T05:35:47","guid":{"rendered":"https:\/\/isafespend.com\/investing\/chinese-property-developer-country-garden-slides-after-moodys-downgrade\/"},"modified":"2023-08-07T05:35:47","modified_gmt":"2023-08-07T05:35:47","slug":"chinese-property-developer-country-garden-slides-after-moodys-downgrade","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9634","title":{"rendered":"Chinese property developer Country Garden slides after Moody\u2019s downgrade"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>Investing.com &#8212; Shares of <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Country Garden <\/span><\/span> Holdings, one of China\u2019s biggest property developers, tumbled on Monday after ratings agency Moody\u2019s downgraded the firm further into junk territory, amid a brewing real estate crisis in China.<\/p>\n<p dir=\"ltr\">Hong Kong shares of Country Garden (HK:) slid nearly 7% to a two-week low, and were trading close to record lows hit in November 2022.<\/p>\n<p dir=\"ltr\">Moody\u2019s on Friday downgraded Country Garden\u2019s rating to B1 from Ba3, putting the company further in junk territory after it recently canceled a $300 million share sale and capital raising.<\/p>\n<p dir=\"ltr\">The ratings agency said that the downgrade reflected growing concerns over weakening property sales, limited funding access, and a large amount of expiring debt over the next 12-18 months, which could dent the firm\u2019s credit position and liquidity.\u00a0<\/p>\n<p dir=\"ltr\">Moody\u2019s had in 2022 downgraded Country Garden to junk, amid a growing downturn in the Chinese property market.\u00a0<\/p>\n<p dir=\"ltr\">\u201cThe negative outlook reflects uncertainties over the company&#8217;s ability to stabilize its declining contracted sales and to recover its funding access over the next 6-12 months due to the weak operating environment in low-tier cities and volatile capital markets,\u201d Moody\u2019s analysts said in a note.<\/p>\n<p dir=\"ltr\">The ratings agency also expects the property developer\u2019s contracted sales to drop to 210 billion yuan ($1 = 7.19 yuan) from 357B yuan in 2022, which in turn will further constrict the company\u2019s cash flow and profitability.\u00a0<\/p>\n<p dir=\"ltr\">Country Garden was seen as among the few Chinese property developers to have somewhat weathered a severe downturn in the market over the past three years, amid dwindling sales and increased regulatory scrutiny towards capital raises. China&#8217;s property market, once a key economic engine, was hit by a mix of COVID restrictions and worsening liquidity conditions, which triggered a drastic slowdown in sales.<\/p>\n<p dir=\"ltr\">Country Garden, in addition to its recently-canceled capital raise, has also flagged a potential loss in the first half of 2023, while a slew of upcoming bond maturities saw traders positioning for a potential default. Country Garden\u2019s bonds were trading at record lows this year.\u00a0<\/p>\n<p dir=\"ltr\">Concerns over Country Garden spilled over into other property stocks, with peers <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Sunac <\/span><\/span> China Holdings Ltd (HK:) and Longfor Properties Co Ltd (HK:) sinking more than 3% each in Hong Kong trade.\u00a0<\/p>\n<p dir=\"ltr\"><span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Country Garden Services <\/span><\/span> Holdings (HK:), a listed unit, sank 6.6%.<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/chinese-property-developer-country-garden-slides-after-moodys-downgrade-3146205\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. Investing.com &#8212; Shares of Country Garden Holdings, one of China\u2019s biggest property developers, tumbled on Monday after ratings agency Moody\u2019s downgraded the firm further into junk territory, amid a brewing real estate crisis in China. Hong Kong shares of Country Garden (HK:) slid nearly 7% to a two-week low, and were trading close<\/p>\n","protected":false},"author":1,"featured_media":9635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-9634","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese property developer Country Garden slides after Moody\u2019s downgrade | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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