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    2007   KYG245241032

COUNTRY GARDEN HOLDINGS CO. LTD.

(2007)
  Report
Delayed Hong Kong Stock Exchange  -  03:08:49 2023-02-03 am EST
2.800 HKD   -3.78%
02/03Country Garden Holdings Company Limited Announces Unaudited Group Sales Results for the Month of January 2023
CI
02/01Poly Developments Surpasses Country Garden to Become Top Chinese Developer by Sales
MT
01/31Country Garden Registers Offering of 20 Billion Yuan Bonds in China
MT
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Country Garden Shares Fall After Share-Placement Plan Unveiled

12/06/2022 | 10:26pm EST

By Bingyan Wang


Shares of Country Garden Holdings Co. fell Wednesday, after the property developer said it is planning to launch a second share placement in as many months to refinance its offshore debt.

Country Garden said it is seeking to place 1.78 billion shares at HK$2.70 each to raise 4.81 billion Hong Kong dollars (US$618.5 million). The pricing is around a 15% discount to Tuesday's closing price.

The Hong Kong-listed shares of China's largest developer by contracted sales slid to as low as HK$2.76 on Wednesday morning, down 13% for the day and 60% in the year to date. Country Garden's shares were trading around HK$1 at the end of October--as developers throughout China weathered a sharp downturn in the real-estate market due in large part to a government crackdown as well as a resurgence of Covid-19 and related restrictions--but nearly tripled in price by the end of November after Beijing announced a series of supportive measures for liquidity-stressed developers, including expanding a debt-financing program, resuming mergers and acquisitions, and restructuring of listed companies.

Wednesday's share placement is the second since November when the developer placed 1.46 billion shares at HK$2.68 a share and raised 3.87 billion Hong Kong dollars (US$493.9 million).

Policy makers are poised to continue rolling out more demand-side measures in the months ahead, said Larry Hu from Macquarie. "The government is determined to cut off the tail risk related to developers in order to boost the confidence among home buyers," he said in a note to clients.

Shares of the Country Garden were last down 10% at HK$2.85 Other developers are also lower, with Longfor Group Holdings Ltd. down 4.2% and Guangzhou R&F Properties Co. down 5.3%.

Hong Kong's broader Hang Seng Index is down 0.1%.


Write to Bingyan Wang at bingyan.wang@wsj.com


(END) Dow Jones Newswires

12-06-22 2225ET

Stocks mentioned in the article
ChangeLast1st jan.
COUNTRY GARDEN HOLDINGS CO. LTD. -3.78% 2.8 Delayed Quote.4.87%
HECKLER & KOCH AG 0.00% 119 Real-time Quote.-3.25%
LONGFOR GROUP HOLDINGS LIMITED -2.74% 24.85 Delayed Quote.2.26%
MACQUARIE GROUP LIMITED 0.03% 190.43 Delayed Quote.14.06%
All news about COUNTRY GARDEN HOLDINGS CO. LTD.
02/03Country Garden Holdings Company Limited Announces Unaudited Group Sales Results for the..
CI
02/01Poly Developments Surpasses Country Garden to Become Top Chinese Developer by Sales
MT
01/31Country Garden Registers Offering of 20 Billion Yuan Bonds in China
MT
01/30Hong Kong Stocks Snap Three-Day Rally; Country Garden Drops 8%
MT
01/27Country Garden Holdings to Receive $50 Million Loan Facility
MT
01/27Hong Kong stocks ease ahead of China market reopening after Lunar New Year holiday
RE
01/26Country Garden Holdings Company Limited Enters Facility Agreement with China Minsheng B..
CI
01/19Pre-Holiday Caution Blunts Hong Kong Shares
MT
01/18China Merchants Land Unit to Acquire 18% Stake in Property Developer for 261.2 Million ..
MT
01/18Jiashili Group Unit to Purchase Property in China for 100 Million Yuan
MT
More news
Analyst Recommendations on COUNTRY GARDEN HOLDINGS CO. LTD.
More recommendations
Financials
Sales 2022 429 B 63 397 M 63 397 M
Net income 2022 14 503 M 2 145 M 2 145 M
Net Debt 2022 153 B 22 669 M 22 669 M
P/E ratio 2022 3,97x
Yield 2022 1,90%
Capitalization 66 025 M 9 764 M 9 764 M
EV / Sales 2022 0,51x
EV / Sales 2023 0,58x
Nbr of Employees 139 267
Free-Float 40,6%
Chart COUNTRY GARDEN HOLDINGS CO. LTD.
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Country Garden Holdings Co. Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends COUNTRY GARDEN HOLDINGS CO. LTD.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 2,41 CNY
Average target price 3,17 CNY
Spread / Average Target 31,2%
EPS Revisions
Managers and Directors
Yong Hong Mei Chief Executive Officer
Bin Mo President & Executive Director
Bi Jun Wu Chief Financial Officer & Executive Director
Kwok Keung Yeung Co-Chairman
Hui Yan Yang Co-Chairman