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Chinese property developer Country Garden warned Tuesday that it cannot repay on time a 470 million Hong Kong dollar ($60 million) loan in the latest sign of distress after Beijing clamped down on mounting debts in the industry. The company said in a filing to the Hong Kong Stock Exchange that it “expects that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods,” including U.S. dollar notes the firm has issued. The company said its sales were under “remarkable pressure.” Country Garden earlier had been hailed as a...

Chinese property developer Evergrande defaulted in 2021 and recently filed for bankruptcy protection in the United States. But it wasn’t until today that the company’s stock resumed trading after 17 months of absence from the Hong Kong stock exchange. The results were about what you’d expect.Shares of the world’s most indebted property developer plunged as much as 87% on its open on Monday, trading for the first time since March 21, 2022.Shares fell to as low as 22 Hong Kong cents on Monday, compared to its last close at 1.65 Hong Kong dollars per share on March 18, 2022.The resumption...

One of China’s largest developers said the country’s property market has tumbled into a severe depression, using some of the strongest language yet to describe the yearlong downturn and the financial pain it has caused. Country Garden Holdings Co., 2007 -6.43%▼ which for years ranked as China’s top real-estate developer by contracted sales, on Tuesday reported a 96% drop in first-half profit after selling a third fewer homes than it did a year ago. The Guangdong-based company said the market has struggled with weakening expectations, sluggish demand and declines in property prices. “All these exert mounting pressure on all participants...