Country Garden's Home Sales Slump Persists as Aid Fails to Help [BNN Bloomberg (Canada)]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
NASDAQ:AMEX Investor Relations:
en.bgy.com.cn
Company Research
Source: BNN Bloomberg
Contracted sales for May plunged 76% to 4.3 billion yuan ($593 million) from a year earlier, following an 83% slide in April, corporate filings by the Guangzhou-based company show. There was trend toward improvement, as May 2024 sales were 11% higher than a month earlier, though they were still at the third-lowest level in at least seven years. The sales drought may exacerbate the cash crunch for Country Garden, whose crisis entered a new chapter after it made a surprise announcement in March that it will miss a deadline for reporting annual results due to insufficient information. Earlier this year, a Hong Kong court received a creditor's petition to wind up the company following its default on dollar debt. China's central government rolled out its most forceful rescue package last month to halt the three-year downturn in the sector. Guangzhou, where Country Garden is based, is among cities that have followed through by lowering down payment ratios and minimum mortgage rates.
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